A CryptoQuant analyst has identified a major systemic buying trend in ethereum, suggesting a growing influx of strategic investments into the blockchain network.
Analyst reveals systemic ethereum buying trend
Maarten Regterschot, cryptocurrency market observer and contributing analyst at CryptoQuant, has adopted x (formerly Twitter) to post a systemic buying trend he witnessed on ethereum. The analyst presented a chart indicating that one or more investors have been engaging in time-weighted average price (TWAP) purchases in bitcoin–ethereum-futures/” rel=”nofollow”>ethereum Futures.
Regterschot stated that the linear increase in ethereum-active-addresses-spike-what-does-it-mean/” rel=”nofollow”>open interest in ethereum suggests that there have been systemic purchases of eth assets over an extended period of time. He revealed that approximately $700 million has already been added to the market.
“Someone is buying TWAP on ethereum futures. This linear growth of open interest indicates systematic buying over a given period. So far $700 million has been added,” Regterschot said.
Systemic buying in this context involves cryptocurrency investments made at regular and periodic intervals. TWAP, on the other hand, is the measure of the average price of an asset over a specific time period.
This systemic purchasing trend suggests a growing demand for eth-will-ethereum-bulls-cruise-past-2100/” rel=”nofollow”>eth by investors over a long period. The trend also coincides with ethereum‘s latest developments in the crypto space, including Growing applications in ethereum Spot ETF and its potential approval by the United States Securities and Exchange Commission (SEC).
The analyst has not revealed information about the motives behind this systemic purchase of ethereum. However, the events could become a catalyst for a possible bullish momentum for ethereum (eth).
eth price remains at the $2000 mark
ethereum-blackrock-registers-trust-as-eth-tops-2000/” rel=”nofollow”>The price of ethereum has seen multiple increases in recent months, allowing the cryptocurrency to finally cross the $2,000 mark. According to CoinMarketCap, The price of ethereum It is up 2.3% and is trading at $2,062 at the time of writing. Although its overall market capitalization is down 23.31%, the cryptocurrency has seen its fair share of price increases recently.
As the possible approval of US SEC ethereum Spot ETF As next year approaches, many investors are currently holding onto their crypto assets as they prepare for a possible bull run. There have also been several optimists Price projections for the eth token. Some analysts have predicted that the price of the cryptocurrency will reach $2,250 if it manages to cross multiple resistance levels.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/One-Analyst-Says-Ethereum-Is-Experiencing-Systemic-Buying-What-This" alt="ethereum Price Chart by Tradingview.com (Cryptocurrency Analyst)” width=”2650″ height=”1530″ loading=”lazy”/>
eth price falls to $2,055 | Source: ETHUSD on Tradingview.com
Featured image of Decrypt, chart from Tradingview.com
