Ethereum’s Price: About To Go Bananas?

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Ethereum‘s Price: About To Go Bananas? 🍌

Ethereum’s Price: About To Go Bananas?

Ethereum price rose 3.6% on Saturday, reclaiming the $2,220 mark at press time. With ETH price outpacing BTC’s recovery, key trading signals suggest bull traders are capitalizing on ETH’s oversold status from last week’s volatile events.

Ethereum (ETH) retakes $2,200 with recovery motion outpacing BTC

Ethereum (ETH) was among the hardest-hit assets during last week’s crypto market downturn, which was exacerbated by renewed fears over Trump’s trade policy risks overshadowing Bitcoin’s strategic reserve updates. Between March 2 and March 7, ETH price plunged 16%, briefly dipping below the $2,000 mark for the first time in months. This crypto market roller coaster is giving me whiplash, honestly.

However, ETH rebounded swiftly, surging 3.6% on Saturday, despite a concerning U.S. Non-Farm Payrolls (NFP) report released Friday. Talk about a glow-up!

The NFP data showed inflationary pressures persisting due to Trump’s proposed tariff policies, sending shockwaves through the equities and crypto markets. Honestly, at this point, I’m just hoping someone invents a currency that’s not tied to the whims of politicians. But hey, a guy can dream, right?

Yet, Ethereum’s resilience signaled a strong internal bullish catalyst at play, positioning ETH for a continued rebound. If this momentum holds, ETH could establish a new support zone above $2,250, priming it for a potential breakout toward the $2,500 range.

ETH Open Interest Surges 3.8% as traders capitalize on oversold status

Ethereum was one of the most oversold assets last week. While BTC and XRP maintained key psychological supports above $80,000 and $2.00, respectively, ETH dropped below $2,000 for the first time since 2023. This deep pullback triggered a wave of strategic buying as bearish sentiment surrounding the U.S. NFP data began to subside on Saturday.

Coinglass derivatives data supports this bullish narrative. Notably, Ethereum’s Open Interest grew 3.8% over the last 24 hours, outpacing its 3.6% price increase. This divergence indicates an influx of leveraged capital backing ETH’s recovery, reinforcing the strength of the ongoing bullish reversal.

Further confirmation comes from ETH’s Long/Short ratio across key exchanges. Binance ETH/USDT’s long-short ratio (accounts) currently stands at 3.4385, while OKX traders maintain a 3.65 long-bias.

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2025-03-09 03:15