The price of Ethereum has exceeded $1900 for the first time since August, showing a growth of over 16% in just one month. This has occurred as Bitcoin takes a break near $35K and altcoins take the lead. Although the overall market sentiment remains positive, the price of ETH is facing pressure due to the elimination of millions of dollars worth of open interest (OI) after a significant increase last week.
On November 6, the on-chain crypto analyst Maartunn observed that $400 million of OI was wiped out in a single day, essentially nullifying the gains made in the previous few days. Consequently, the price of ETH is under pressure and may experience a pullback or correction. However, given the positive market sentiment, a correction is unlikely, but a retracement is more probable.
Furthermore, there have been numerous instances of large ETH transfers to cryptocurrency exchanges by influential investors during the recovery of altcoins. While this is typically seen as a bullish move, it is important to monitor the trading volume to confirm whether a correction is indeed invalidated.
According to CoinGape Markets, if a bearish breakdown channel pattern emerges, it could result in a 16% drop in the price of Ethereum. The coin has shown increased volatility around the $1830 level, which has proven to be a significant resistance point.
The well-known crypto analyst Credible Crypto has stated that the current chart looks favorable, with the $1400-$1500 range being his recommended buy zone and the bottom. He believes that the price of ETH will not fall below $1500 again. Additionally, he predicts that ETH will first reach $1700 before climbing to $2000.
In the past 24 hours, the price of ETH has experienced a 1% decline and is currently trading at $1,877. The lowest and highest prices within the past 24 hours were $1,863 and $1,911, respectively. Furthermore, the trading volume has increased by 42% during this time period.