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Ethereum (ETH) price has rebounded from a crucial support level, signaling potential bullish trends and setting the stage for a rally towards $5,232. The recent surge in open interest to an all-time high (ATH) has also validated this narrative.
ETH’s price has been in a downward trend over the past two weeks, having lost more than 15% of its value before rebounding to around $3,375 during the early European session on December 27. This sudden reversal can be attributed to several factors.
Firstly, Ethereum whales have been repositioning themselves amidst the ongoing bearish sentiment in the crypto market. This has led to a noticeable increase in open interest, as investors bet on the altcoin’s potential for recovery.
Moreover, ETH’s price has held above its weekly 50 Moving Average (MA) over the past two months, further solidifying its bullish outlook. Additionally, the asset has bounced off its falling logarithmic trend line, which could be indicative of a reversal in sentiment towards the end of the year.
As a result, Ethereum’s price is well positioned to break above the $5,232 mark in the near term, which coincides with the 1.618 daily Fibonacci Extension.
Source: coinpedia.org
