As we reported , the chairman altcoin Ethereum managed to rise above $ 2,300 for the first time since June 18. While ETH spends time in this region, should investors sell or continue hodling? she wonders. With the assertive Ethereum claim and comment by crypto analyst Biraaj T, we are considering these two valuable options…
Analyst highlights that Ethereum’s buy/sell rate is always falling
Ever since Ethereum broke above $2,300, it has managed to rise at a precious rate. While ETH started to spend time above $2,300 for the first time since June 18, there are valuable indicators that support the bullish momentum of this level, according to the analyst. The first of these is the buy / sell rate of Ethereum. The analyst states that the open interest for the Buy/Sell Ratio is 0.91, while adding that this ratio has dropped to 0.59 in the last few weeks. Stating that investors expect prices to smooth out with the decrease of selling pressure compared to the current chart, the analyst also draws attention to another valuable indicator.
Another valuable piece of data observed by analyst Biraaj T comes as 27% of investors expect Ethereum to close above $2,600 by the end of July. According to the analyst, this scenario could result in Ethereum (ETH) retesting the claimed $ 3,000. Adding that these indicators give pro-bull results, the analyst adds that he has indicators pointing to opposite scenarios.
According to the analyst, it is worthwhile to take a look at other exchanges for Ethereum prediction
Stating that Ethereum futures processes show different results in various exchanges, the analyst states that this situation touches on multiple factors. The overall funding rate is positive, according to the analyst, as longs result in short orders paying profits. However, variable rates on different platforms remain unknown.
So what does the current price structure suggest, according to the analyst?
Considering the last week, the fact that Ethereum gained more than 17% strength and finally closed above $ 2,300 is a positive return according to the analyst. However, when the current chart is observed, the pressure on ETH continues to pull below $2,300. If the leading altcoin can get rid of this pressure, it will be possible to reach the $2,650 resistance, according to the analyst. Stating that it is early to confirm this idea definitively, the analyst adds that he considers the possibility of Ethereum falling, and ends his words.
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