Ethereum outperforms Bitcoin with double-digit weekly gains and spike in Open Interest
- Ethereum left Bitcoin to bite the dust, yielding 16% weekly gains while BTC offered 8% to holders.
- Ethereum observed a 5% spike in Open Interest against Bitcoin’s 1%.
- ETH price hit a 52-week high ahead of the Dencun upgrade scheduled for March 2024.
Ethereum outperformed the largest cryptocurrency by market capitalization and yielded 16% weekly gains for traders. ETH price hit a peak of $2,931 on Monday as the altcoin rallies towards its $3,000 target.
Additionally, the second largest cryptoasset by market capitalization has observed an increase in its Open Interest, at 5% on Monday.
Also read: XRP price steadies above $0.56 ahead of deadline in SEC v. Ripple lawsuit
Ethereum beats Bitcoin with massive gains for holders
Ethereum and Bitcoin yielded 16% and 8.30% weekly gains for holders. ETH outperformed Bitcoin with nearly twice the weekly gains. Data from Coinglass shows that $20.06 million in short positions were liquidated in the past day while $24.15 million in Bitcoin shorts were liquidated.
Ethereum price climbed to $2,931 on Monday, a 52-week high. The upcoming Dencun upgrade scheduled for March 2024 and the anticipation surrounding a Spot Ethereum ETF approval are among the main catalysts for ETH gains.
Ethereum price rally to $3,000 likely
Ethereum price is $2,908 on Monday. The altcoin is currently in an uptrend and close to its $3,000 target. Ethereum has support at $2,720 and the $2,500 level.
The green bars on the Awesome Oscillator (AO) and Moving Average Convergence/ Divergence (MACD) suggest that an uptrend is in place for Ethereum price.
ETH/USDT 1-day chart
A daily candlestick close below the $2,720 level could invalidate the bullish thesis and result in a decline to support at the $2,500 level before Ethereum price makes a recovery. Experts have predicted a rally to $4,000 prior to the likely approval of Spot Ethereum ETF.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
