One day after Ethereum's [ETH] Open Interest dropped to $13.14 billion, it added another billion to its value. At press time, the Open
Another $1 billion flowed into ETH contracts, but the price of the altcoin may decline to recover from its decline.Open Interest dropped to $13.14 billion, it added another billion to its value. At press time, the Open Interest was $14.10 billion, according to data from Glassnode.
If spot market activity continues to drop while trading in the derivatives market increases, ETH’s price might stall around the $3,500 to $3,600 region.Despite the outlook, Ethereum’s Funding Rate has remained stagnant since the 8th of June. Funding Rate is the cost of holding an open position in the derivatives market.
On the other hand, a negative funding implies that shorts are paying longs. Also, the contract value of the cryptocurrency is at a discount.If this is the case, the reasonable inference could be a bullish move for Ethereum. Nonetheless, the price of the cryptocurrency might fail to hit $4,000 in the coming week.In addition, AMBCrypto looked at the Taker Sell Ratio. To get this ratio, we need to divide the sell volume by the total perpetual swaps.
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