Learn From Smart Money: ETH’s Rally May Need a Break, but Upside Risk Remains Intact
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The price of ETH caught up to BTC and SOL over the weekend and gained about 2% on the back of thin liquidity. While speculators may be betting on a price breakthrough for ETH, derivatives trading data shows that traders can expect the rally of the second-largest market cap crypto to pause here before another attempt to break higher. This article will dive into the trading data of ETH derivatives on Bybit, and provide some trade ideas for WSOT 2024.
Open Interest in ETH Derivatives at High Levels
ETH has received much attention, as the weekend rally may have caught some traders by surprise. Derivatives traders have been showing interest in betting the price movement of ETH with perpetual and options contracts even before the weekend rally. Data from Bybit shows that daily open interest has been increasing on ETH perpetual and options contracts for several consecutive days.