Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Ethereum outperforms Bitcoin with double-digit weekly gains and spike in Open Interest

Source Fxstreet

Ethereum left Bitcoin to bite the dust, yielding 16% weekly gains while BTC offered 8% to holders.
Ethereum observed a 5% spike in Open Interest against Bitcoin’s 1%.
ETH price hit a 52-week high ahead of the Dencun upgrade scheduled for March 2024.

Ethereum outperformed the largest cryptocurrency by market capitalization and yielded 16% weekly gains for traders. ETH price hit a peak of $2,931 on Monday as the altcoin rallies towards its $3,000 target.

Additionally, the second largest cryptoasset by market capitalization has observed an increase in its Open Interest, at 5% on Monday.

Also read: XRP price steadies above $0.56 ahead of deadline in SEC v. Ripple lawsuit

Ethereum beats Bitcoin with massive gains for holders

Ethereum and Bitcoin yielded 16% and 8.30% weekly gains for holders. ETH outperformed Bitcoin with nearly twice the weekly gains. Data from Coinglass shows that $20.06 million in short positions were liquidated in the past day while $24.15 million in Bitcoin shorts were liquidated.

Ethereum price climbed to $2,931 on Monday, a 52-week high. The upcoming Dencun upgrade scheduled for March 2024 and the anticipation surrounding a Spot Ethereum ETF approval.

Ethereum price rally to $3,000 likely

Ethereum price is $2,908 on Monday. The altcoin is currently in an uptrend and close to its $3,000 target. Ethereum has support at $2,720 and the $2,500 level.

The green bars on the Awesome Oscillator (AO) and Moving Average Convergence/ Divergence (MACD) suggest that an uptrend is in place for Ethereum price.

ETH

ETH/USDT 1-day chart

A daily candlestick close below the $2,720 level could invalidate the bullish thesis and result in a decline to support at the $2,500 level before Ethereum price makes a recovery. Experts have predicted a rally to $4,000 prior to the likely approval of Spot Ethereum ETF.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Silver Price Forecast: XAG/USD falls like house of cards on Fed’s hawkish narrative Silver price (XAG/USD) is down 4.3% to near $61.50 during the European trading session on Monday. The white metal nosedives as elevated United States (US) Treasury Yields have diminished its appeal.

Author FXStreet

11 hours ago

Silver price (XAG/USD) is down 4.3% to near $61.50 during the European trading session on Monday. The white metal nosedives as elevated United States (US) Treasury Yields have diminished its appeal.

Gold Falls Below $4,200 in Single-Day Drop of Over $100: Why Are Gold Prices Plunging? As of the Asian session on September 28, international gold prices continued their recent weakness, with spot gold (XAUUSD) falling below $4,200 intraday to a low of $4,179.42, down over

Author TradingKey

11 hours ago

As of the Asian session on September 28, international gold prices continued their recent weakness, with spot gold (XAUUSD) falling below $4,200 intraday to a low of $4,179.42, down over

Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decision The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Author Mitrade

14 hours ago

The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Brent edges toward $99 as Trump rejects Iran's Hormuz proposal — why the war-risk premium won't rebuild Brent crude rose 0.92% to $98.51 and WTI gained 1.15% to $93.51 after President Trump rejected Iran's seven-day proposal to reopen the Strait of Hormuz. But both benchmarks remain about 12% below their early-September highs, because supply never actually stopped. Hormuz flows ran at 33.7 million barrels this week, in line with the prior week, and Saudi Arabia's East-West pipeline restarted on September 22.

Author Suzie

14 hours ago

Brent crude rose 0.92% to $98.51 and WTI gained 1.15% to $93.51 after President Trump rejected Iran's seven-day proposal to reopen the Strait of Hormuz. But both benchmarks remain about 12% below their early-September highs, because supply never actually stopped. Hormuz flows ran at 33.7 million barrels this week, in line with the prior week, and Saudi Arabia's East-West pipeline restarted on September 22.

Middle East War updates: Trump says he expects renewed Iran talks this week Here’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.

Author FXStreet

19 hours ago

Here’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.

Related Instrument