Ethereum Price Prediction As Open Interest Hits $8 Billion, Will $3500 Come in December?

Ethereum Price Prediction: Investor interest has continued to grow in both the spot and derivatives markets. Ethereum (ETH) and Bitcoin (BTC) Along with other major cryptocurrencies, Solana (ADA) and Cardano (ADA) consistently posted new highs in 2023.

There is enough evidence that this is the beginning of a bull market, which would likely see Ethereum rise to $3,500 possibly before the end of the year.

Ethereum Price Prediction: ETH Soars to $2,400, What’s Next?

Ethereum buyers are eagerly awaiting a break above the $2,400 resistance, considering the region was tested but not overcome on Friday. The largest smart contract token rose 1.1% in the last 24 hours to $2,352, marginally contributing to a growth of 13.2% in seven days and 24.5% in 30 days. CoinGecko Market data shows it.

The technical outlook at the moment is solidly bullish, considering the buy signal from the moving average convergence and divergence (MACD) indicator. Traders are free to continue staking long positions in ETH as long as the blue MACD line remains above the red signal line.

Similarly, the overall momentum indicator should move up above the neutral area, to reinforce the prevailing bullish thesis.

Ethereum Price Prediction Chart | Commercial view

Although several factors can influence Ethereum price in December, including the Bitcoin spot exchange-traded fund (ETF) narrative, declines are likely to be minimal as selling pressure weakens.

For now, traders would be wise to keep an eye on two key levels; if the resistance at $2,400 gives way and the support at $2,300 holds. The first scenario could spread FOMO throughout the market, with more holders buying on speculation for the next move to $3,000 and then $3,550.

In the second scenario, Ethereum could retest the support at $2,300 and jump strongly with a comeback strong enough to break above $2,400. However, the technical structure could change if a stronger correction pushes Ethereum price to retest $2,100 before making another recovery attempt.

Ethereum price is slightly overbought according to the Relative Strength Index (RSI) on the daily time frame. If the bulls do not present a stronger case, the bears could overturn their reign and make a correction to $2,100 and $2,000, respectively.

Recommended for you: Cardano Price as Pump Setup Triggers, Will ADA Hit $1 in December?

Ethereum Open Interest Soars to $8 Billion

Open interest (OI), which monitors the flow of money into and out of a futures or options market, has been growing steadily since June 2022, according to glass coin data.

As IO increases, it suggests that more money is coming into the derivatives market than money is going out. Besides, Ethereum price rises along with the OI, confirms a long-term bullish outlook.

Ethereum Open Interest | glass coin

Ethereum open interest currently slightly below $8 billion has returned to pre-Terra crash levels in 2022 and suggests the market is slowly entering the bull run after a long bear run.

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