key takeaways:
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On May 20, the price of Ether increased by more than 5% to $ 2,520, which grows upwards in the broad cryptocurrency market.
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Ethereum’s record open interest, rising funding rates and an important short squeezed fuel rally.
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A classic recovery pattern suggested a potential 92% rally towards $ 4,800 as Eth has significant support.
Ether (ET) The price in the last 24 hours rose by more than 5% to about $ 2,520 on May 20, with an increase in futures open interest.
data from Cointelegraph Market Pro And Tradingview The show Aath received more than 10%, on 20 May on 20 May from a low of $ 2,350 to $ 2,590 intraday high.
Ether price mirror marketwide recovery
On May 20, the increase in the price of ETH shows a sense of market boom, which has seen the prices of crypto right throughout the board.
Bitcoin (BTC) It has increased by 2% in the last 24 hours to trade above $ 105,000. While other major altcoins such as XRP (XRP) And solana (Fifth note of musical scale)) Increased 1.4% and 3.3% respectively.
Similarly, the total crypto market cap has increased by 2.2% in the last 24 hours to relax on $ 3.33 trillion at the time of publication.
This performance comes as a positive feeling US credit score downgradeIn which Equity drop and Gold expanded their downtrend.
Meanwhile, Cryptocurrency has occupied its land $ 107,000 as high as bitcoin rallyProduction The highest day off the daily candle Sunday, 18 May. Ether followed the suit, rally up to $ 2,600 before starting.
“BTC stands out the ability to rally in the weekend” especially despite Moody’s US credit rating downgrade, despite the risk-stop tone in equity, trading firm QCP Capital told investors on May 19 in Telegram Note:
“It confirms the position of BTC as a valid store of value, a legend that collects speed and can serve as a long -term catalyst.”
The firm pointed to the continuous flow Crypto investment product And institutional demands as catalysts, even in derivative markets increased investor interest.
Ether short squez and record oe boost ath price
With significant liquidity in the derivative market with ether rapid on 20 May, strong upward pressure is indicated.
Small ETH posts of more than $ 57.2 million have been liquid in the last 24 hours, while in long liquidity compared to $ 22 million.
Since 8 May, traders who bet against Ether have been forced to discontinue their positions, with the small liquidation recorded with approximately $ 913 million, the price increased by 40%.
At the same time, ether open interest (OI), total value of outstanding futures contracts, 20 May from 11.76 million ETH on 20 May 20
Also supporting the reverse of Ether in the Ethyon Sada Futures Markets has a positive funding rate. Funding rates represent periodic payments exchanged between long and short position holders. This metric has increased from $ 0.0012% to 0.0078% in the same period.
This increase in open interest shows that more traders are entering the market and opening new positions. High funds indicate that more traders are long (betting at high prices) and are willing to pay additional fees to keep those positions open.
Both metrics indicate rapid prejudice between ETH futures traders.
ETH Price V-shaped recovery target high level all time
The price of Ether has been making a V-shaped recovery pattern on the weekly chart since December 2024, as shown below.
A V-shaped recovery is a rapid pattern when a property experiences an increase in a sharp price after a decline in a property. This is complete when the price goes to the top of the V formation, which is also known as a neckline.
Eth appears on an uniform trajectory and now trades under a supply-mang area between $ 2,600 and $ 2,800, where 100-day and 50-day simple moving averages (SMAS) sit.
This suggests that bulls need to carry forward the price above the region to increase the possibility of increasing the neckline in $ 4,100 to complete the V-shaped pattern. More than this, the next logical step will be at a high level of all time of $ 4,800, representing an increase of 92% from the current value.
Relative Strength Index Oversold at 31 in mid -April increased to 52 from 52 May, it was suggested that the speed of boom was increasing.
Popular crypto analyst Michael van de Pope Said On May 19, a dip below $ 2,400 had an opportunity to submit more before Ether of Ether “$ 4,000”.
As a coinalgraph InformedA step of $ 3,700 is possible in May, citing strong onchain and technical matrix.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
