The case for Ethereum – Why its $4K setup isn’t just speculation!
Main Idea
Ethereum's strong performance, including a 50% monthly return and record Open Interest of $60 billion, suggests a strategic buildup towards the $4K price level, supported by on-chain fundamentals and futures market activity.
Key Points
1. Ethereum has withdrawn 1 million ETH from exchanges this month, indicating accumulation rather than profit-taking.
2. ETH's Open Interest hit a record $60 billion, signaling strong market conviction and liquidity.
3. Over 98% of ETH supply is in profit, with realized profits reaching $1.25 billion, yet the price remains steady near $4K.
4. Futures market activity and liquidation heatmaps suggest potential for a price squeeze if momentum continues.
5. Ethereum's RSI reached above 85, indicating overbought conditions, but the price has shown resilience with only minor pullbacks.
Description
Is Ethereum’s path to $4K no longer a question of if, but when?
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