{"id":575847,"date":"2024-02-20T00:00:47","date_gmt":"2024-02-20T00:00:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=575847"},"modified":"2024-02-19T16:27:07","modified_gmt":"2024-02-19T16:27:07","slug":"ethereum-breaks-2900-watch-futures-overheating","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-breaks-2900-watch-futures-overheating\/","title":{"rendered":"Ethereum Breaks $2,900, But Watch Out For Futures Overheating"},"content":{"rendered":"

Ethereum has broken beyond the $2,900 level during the past day, but data shows the futures market may be starting to become overheated.<\/p>\n

Ethereum Has Now Broken Through The $2,900 Level<\/h2>\n

While Bitcoin has slumped to an overall sideways trajectory recently, Ethereum appears to have decided to pick a path of its own, as the second largest asset in the sector has surged<\/a> almost 4% over the past 24 hours.<\/p>\n

During this latest jump, Ethereum has touched the $2,900 mark for the first time since the start of May 2022. The below chart shows how the coin has performed over the last few days.<\/p>\n

\"Ethereum<\/p>\n

The price of the asset appears to have shot up over the past day | Source: ETHUSD on TradingView<\/a><\/pre>\n
Following this rise, Ethereum investors would now be enjoying profits of more than 16% over the past week. In the same period, Bitcoin has only put together returns of about 8%.<\/p>\n
Related Reading: 16,000 Bitcoin Dormant Since 5+ Years Suddenly Moves, What\u2019s Going On?<\/a><\/div>\n
While ETH’s decoupling may be an optimistic sign for the asset, a pattern seems to be emerging that could prove to be a worrying sign.<\/p>\n
ETH Open Interest Has Observed A Sharp Increase Recently<\/h2>\n
As explained by an analyst in a CryptoQuant Quicktake post<\/a>, the ETH Open Interest has gone through a strong surge recently. The “Open Interest<\/a>” is an indicator that keeps track of the total amount of Bitcoin futures contracts that are currently open on all centralized derivative exchanges.<\/p>\n
When the value of this metric rises, it means that the investors are opening up fresh positions on the futures market right now. Generally, total leverage in the sector goes up as more positions pop up, so this trend can result in a higher amount of volatility<\/a> for the cryptocurrency.<\/p>\n
On the other hand, a decline in the indicator implies ETH futures contract holders are either closing up their positions of their own volition, or are being liquidated by their platform. The asset’s price may behave more stably following such a decrease.<\/p>\n
Now, here is a chart that shows the trend in the Ethereum Open Interest over the last few years:<\/p>\n
\"quicktake-image\"<\/p>\n
The value of the metric seems to have rapidly been going up in recent days | Source: CryptoQuant<\/a><\/pre>\n
From the graph, it’s visible that the Ethereum Open Interest has risen to high levels recently and has attained a peak that’s higher than any witnessed in almost two years.<\/p>\n
“This surge indicates sustained confidence among futures traders in Ethereum’s current uptrend,” notes the quant. “However, given the impulsive nature of the recent ascent, traders should exercise caution and consider the potential for sudden liquidation events, which could trigger notable short to mid-term price declines.”<\/p>\n
Related Reading: Bitcoin Short-Term Holders Just Locked In $647 Million In Profits<\/a><\/div>\n
As mentioned before, the asset becomes more likely to show volatility when this indicator rises. The source of this volatility can be mass liquidation events called squeezes, which can trigger a violent cascade effect on the futures market, amplifying the price swing that triggered the event.<\/p>\n
Since the Ethereum Open Interest is very high right now, a futures squeeze could definitely be a possibility for the cryptocurrency.<\/p>\n
Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ethereum has broken beyond the $2,900 level during the past day, but data shows the futures market may be starting to become overheated. Ethereum Has Now Broken Through The $2,900 Level While Bitcoin has slumped to an overall sideways trajectory recently, Ethereum appears to have decided to pick a path of its own, as the second largest asset in the sector has surged almost 4% over the past 24 hours. During this latest jump, Ethereum has touched the $2,900 mark for the first time since the start of May 2022. The below chart shows how the coin has performed over the last few days. The price of the asset appears to have shot up over the past day | Source: ETHUSD on TradingView Following this rise, Ethereum investors would now be enjoying profits of more than 16% over the past week. In the same period, Bitcoin has only put together returns of about 8%. Related Reading: 16,000 Bitcoin Dormant Since 5+ Years Suddenly Moves, What\u2019s Going On? While ETH’s decoupling may be an optimistic sign for the asset, a pattern seems to be emerging that could prove to be a worrying sign. ETH Open Interest Has Observed A Sharp Increase Recently As explained by an analyst in a CryptoQuant Quicktake post, the ETH Open Interest has gone through a strong surge recently. The “Open Interest” is an indicator that keeps track of the total amount of Bitcoin futures contracts that are currently open on all centralized derivative exchanges. When the value of this metric rises, it means that the investors are opening up fresh positions on the futures market right now. Generally, total leverage in the sector goes up as more positions pop up, so this trend can result in a higher amount of volatility for the cryptocurrency. On the other hand, a decline in the indicator implies ETH futures contract holders are either closing up their positions of their own volition, or are being liquidated by their platform. The asset’s price may behave more stably following such a decrease. Now, here is a chart that shows the trend in the Ethereum Open Interest over the last few years: The value of the metric seems to have rapidly been going up in recent days | Source: CryptoQuant From the graph, it’s visible that the Ethereum Open Interest has risen to high levels recently and has attained a peak that’s higher than any witnessed in almost two years. “This surge indicates sustained confidence among futures traders in Ethereum’s current uptrend,” notes the quant. “However, given the impulsive nature of the recent ascent, traders should exercise caution and consider the potential for sudden liquidation events, which could trigger notable short to mid-term price declines.” Related Reading: Bitcoin Short-Term Holders Just Locked In $647 Million In Profits As mentioned before, the asset becomes more likely to show volatility when this indicator rises. The source of this volatility can be mass liquidation events called squeezes, which can trigger a violent cascade effect on the futures market, amplifying the price swing that triggered the event. Since the Ethereum Open Interest is very high right now, a futures squeeze could definitely be a possibility for the cryptocurrency. Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":575870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,91606,14990,86497,91676,6931,87134,8686],"class_list":["post-575847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-break","tag-ethereum-futures","tag-ethereum-open-interest","tag-ethereum-overheating","tag-ethereum-price","tag-ethereum-rally","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum Breaks $2,900, But Watch Out For Futures Overheating<\/title>\n<meta name=\"description\" content=\"Ethereum has broken beyond the $2,900 level during the past day, but data shows the futures market may be 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Breaks $2,900, But Watch Out For Futures Overheating","url":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-breaks-2900-watch-futures-overheating\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-breaks-2900-watch-futures-overheating\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/drawkit-illustrations-8iIUDnRq87o-unsplash_71d95b.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/drawkit-illustrations-8iIUDnRq87o-unsplash_71d95b.jpg?fit=3840%2C2160"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethereum break","ethereum futures","ethereum open interest","ethereum overheating","ethereum price","ethereum rally","ethusd"],"dateCreated":"2024-02-20T00:00:47Z","datePublished":"2024-02-20T00:00:47Z","dateModified":"2024-02-20T00:00:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Breaks $2,900, But Watch Out For Futures Overheating\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-breaks-2900-watch-futures-overheating\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-breaks-2900-watch-futures-overheating\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/drawkit-illustrations-8iIUDnRq87o-unsplash_71d95b.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/drawkit-illustrations-8iIUDnRq87o-unsplash_71d95b.jpg?fit=3840%2C2160\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethereum break\",\"ethereum futures\",\"ethereum open interest\",\"ethereum overheating\",\"ethereum price\",\"ethereum rally\",\"ethusd\"],\"dateCreated\":\"2024-02-20T00:00:47Z\",\"datePublished\":\"2024-02-20T00:00:47Z\",\"dateModified\":\"2024-02-20T00:00:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/drawkit-illustrations-8iIUDnRq87o-unsplash_71d95b.jpg?fit=3840%2C2160","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/575847"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=575847"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/575847\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/575870"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=575847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=575847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=575847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}