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Ethereum has caught the attention of one of the market’s most widely followed traders, known as Byzantine General, and the prediction is too hard to ignore: a "monster candle" may be just around the corner.
That is how a pseudonymous analyst with a strong record in the derivatives space captioned a chart of ETH/USDT futures on Binance, quickly sparking discussion across the crypto community and beyond.
The comment comes at a time when Ethereum continues to be a major driving force in the decentralized finance sector. With high open interest, funding neutral and price coiling near local highs, ETH might be gearing up for a move that will define the next leg of the market.
In this, the analyst is not alone in his opinion, as similar signals have been spotted by other traders who follow derivatives closely.
Numbers that matter for ETH
Ethereum is trading at around $4,552, holding strong after a rally that took it from below $3,000 earlier this year. In the same chart, one can notice the $5.08 billion total open interest, indicating that traders are keeping large positions open as volatility decreases.
Historically, this kind of market behavior has often been a sign that something big is about to happen sooner rather than later.
Funding rates across major exchanges, including Binance, Bybit and OKX, are stable, suggesting the market is balanced.
This supports the idea of a "monster candle," as sudden shifts often follow balanced positioning. Volumes are steady and liquidations have calmed down too, leaving conditions open for a sharp breakout move.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team