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

    Fonte Fxstreet
    19/02/2024 12:56
    • 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. 

    Isenção de responsabilidade: Apenas para fins informativos. O desempenho passado não é indicativo de resultados futuros.
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    Runes likely to have massive support after BRC-20 and Ordinals frenzyWith all eyes peeled on the halving, Bitcoin is the center of attention in the market.
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    With all eyes peeled on the halving, Bitcoin is the center of attention in the market.
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    Prisma Finance hacker could be uncovered after investigations by on-chain analystIn an X post on Tuesday, popular on-chain analyst @ZachXBT revealed key information that could lead to the potential apprehension of the attacker who hacked Prisma Finance on March 28.
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    Arbitrum Price Prediction: 10% losses likely for holders ahead of $107 million worth of cliff token unlocksToken unlocks are considered bearish catalysts, particularly when recipients are likely to cash in for a quick profit.
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