CryptoQuant analysts have identified a significant systematic buying trend in Ethereum, suggesting a growing inflow of strategic investments into the blockchain network.
Analyst Reveals Ethereum Systemic Buying Trends
Maarten Regterschot, cryptocurrency market observer and contributing analyst at CryptoQuant, said: X (formerly Twitter) posts systematic buying trends it has seen in Ethereum. The analyst presented a chart that indicated that one or more investors were engaging in time-weighted average price (TWAP) buying. Ethereum futures.
Regterchot found that open interest for Ethereum increases linearly. This suggests that there has been systematic purchasing of ETH assets over an extended period of time. He said about $700 million has already been added to the market.
“Someone is purchasing Ethereum futures using the TWAP method. A linear increase in open interest indicates systematic buying over a certain period of time. To date, $700 million has been added,” Regterschot said.
In this context, systematic purchases involve cryptocurrency investments made at regular, periodic intervals. TWAP, on the other hand, is a measure of the average price of an asset over a specific period of time.
This systematic buying trend suggests that demand is growing. ETH This trend among investors over the long term is also consistent with the latest Ethereum developments in the cryptocurrency space. Increased Applications for Ethereum Spot ETF And there is also the possibility of approval from the U.S. Securities and Exchange Commission (SEC).
The analyst has not disclosed any insight into the motivation behind the systematic purchase of Ethereum. However, these developments could potentially be a catalyst for progress. Ethereum (ETH) bullish momentum.
ETH price remains around $2000
Ethereum price After rising several times over the past few months, the cryptocurrency finally surpassed $2,000. According to CoinMarketCap, Ethereum price At the time of writing, it is trading up 2.3% at $2,062. Although the overall market cap has decreased by 23.31%, the cryptocurrency has been experiencing significant price growth recently.
With potential approval U.S. SEC Ethereum Spot ETF As next year approaches, many investors are holding on to cryptocurrency assets as they prepare for the current bull market. There were also several optimistic comments. Price prediction for ETH token. Some analysts predicted that the price could reach $2,250 if the cryptocurrency succeeds in breaking through several resistance levels.
ETH price falls to $2,055 | Source: ETHUSD on Tradingview.com
Featured image from Decrypt, chart from Tradingview.com