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Ethereum Price Back Above $1,900 as Traders Return Bullish on ETH

Tue, 05/31/2022 - 11:59
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Tomiwabold Olajide
Ethereum traders are piling into long positions
Ethereum Price Back Above $1,900 as Traders Return Bullish on ETH
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Recent data from IntoTheBlock might suggest that Ethereum traders are piling into long positions, as open interest rises to the highest value in 10 days. Open interest refers to the total amount of outstanding positions in perpetual swaps and has risen to $9.37 billion for ETH.

Traders who go long expect the price to rise from a certain point. Going long might also mean buying the cryptocurrency or opening a long position.

ETH/USD Daily Chart, Source: TradingView

Ethereum rose above $1,900 to reach highs of $2,015 on May 31, after facing some intense selling pressure in the past week.

The cryptocurrency is now struggling to sustain its upward momentum as it faces the $2,000 psychological level. Traders do anticipate this level might be surmounted in the days ahead as the ETH technical outlook has been improved by its recovery from recent lows near $1,700.

Based on its daily chart, if bulls fail to breach the $2,000 level, Ethereum might risk a drop to the $1,700 level once more. Ethereum trades at $1,975 at the time of publication.

Ethereum Ropsten finally moving proof of stake as new beacon chain launches

After years of hard work, Ethereum says it is now entering the final testing stage in bringing proof-of-stake to the network, testnet deployments.

The Ethereum network's Ropsten testnet is ready to switch to a proof-of-stake (PoS) consensus mechanism, according to Ethereum developer Tim Beiko, who announced on Tuesday that a new Beacon Chain for Ropsten has been launched ahead of the final test Merge, which is expected to take place "around June 8."

After Ropsten, two more testnets (Goerli and Sepolia) will be moved to proof-of-stake before the mainnet is focused on. Other testnets, such as Rinkeby and Kovan, may be maintained and developed by the community independently, but client developers will no longer be monitoring them.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.