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Ethereum (ETH) Sees “Systemic Buying,” Analyst Claims

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Wed, 22/11/2023 - 18:15
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Ethereum (ETH) Sees “Systemic Buying,” Analyst Claims
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Maarten Regterschot, a CryptoQuant contributing analyst, pointed out a significant trend in the Ethereum (ETH) market. 

His observations reveal a "systemic buying" pattern in Ethereum futures that is characterized by a noticeable increase in open interest. 

Specifically, Ethereum futures have seen an addition of $700 million so far, indicating a strategic accumulation of assets over a period. 

Understanding TWAP-buying

TWAP, or time-weighted average price, is a strategic approach employed primarily by large-scale traders or institutional investors. 

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It involves spreading out the purchase of assets over a specified period to achieve an advantageous average price, thus reducing the impact on the market price. 

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The recent development could signal a bullish sentiment among major investors and could potentially influence Ethereum's market trajectory.

Ethereum (ETH) price nears key support level 

Ethereum's current trading pattern is of particular interest as it approaches a key support level, identified around $1,925. 

Support levels are crucial in trading, signifying a price point where a downward trend could pause due to increased demand. 

Despite recent price swings, with Ethereum oscillating between $1,940 and $2,018, it has notably stayed above the $2,000 mark at the time of reporting

This persistence near the support level might indicate a robust market sentiment for Ethereum, presenting potential buying opportunities. However, it also raises a cautionary note since any break below this level could lead to further price declines. 

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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