A brief bullish wave on Tuesday convinced investors that this week’s retrace was temporary and that cryptocurrencies were ready to resume their ballistic rallies. However, a 2.6% drop in Ethereum price in 24 hours seems to be dimming the hope for an immediate U-turn toward all-time highs.
After climbing to $4,091, Ethereum price hovers at $3,430 during US business hours on Tuesday. A 38% drop in the 24-hour trading volume to $19 billion underscores falling interest interest among traders. Another 3% correction in the market cap mirrors a growing bearish outlook.
Ethereum Price Prediction As Futures Open Interest Cascades
Plunging prices over the weekend and early this week left many investors reeling in pain. Liquidations were in millions as Ethereum dived from its recent high to test support at $3,050.
The derivatives market also suffered slightly, dropping from a new record high of $13 billion posted in March to $11.34 billion by March, based on data from Coinglass. Although it
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