- Ethereum's open interest indicator is showing signs of recovery, suggesting a possibility of price rebound.
- It was stated that the market is buying as it reaches the $3000 support level, causing open interest to rise.
- If the indicator's recovery trend continues, a strong rebound can be expected, but if the recovery weakens, there is concern about a price correction.
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Image=CryptoQuant
Ethereum (ETH) is showing signs of open interest recovery, leading to analysis that its price may rebound.
On the 12th (local time), CryptoQuant author ShayanBTC stated, "Ethereum has reached the important support level of $3000, and the open interest indicator is showing signs of recovery. The noticeable rise in this indicator suggests that market participants are buying in anticipation of a price rebound."
The author continued, "If the same open interest recovery trend continues, it could indicate a strong rebound possibility at the $3000 support level with sustained demand. On the other hand, if the current recovery trend loses momentum or declines again, it could lead to a larger price correction."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.PiCK News
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