Analyst Says Ethereum Is Seeing ‘Systemic Buying’, What This Means
24 November 2023 - 8:00AM
NEWSBTC
A CryptoQuant Analyst has identified a significant systemic buying
trend in Ethereum, suggesting a rising influx of strategic
investments into the blockchain network. Analyst Reveals
Ethereum Systemic Buying Trend A crypto market observer and a
contributing analyst at CryptoQuant, Maarten Regterschot has taken
to X (formerly Twitter) to publish a systemic buying trend he
witnessed in Ethereum. The analyst presented a chart indicating
that one or more investors have been engaging in Time Weighted
Average Price (TWAP) buying on Ethereum futures. Related
Reading: Grayscale Files Updated Spot ETF As Bitcoin Barrels Past
$37,000 Regterschot stated that the linear increase in open
interest in Ethereum suggests that there has been systemic
buying of ETH assets for an extended period of time. He revealed
that approximately $700 million has already been added to the
market. “Someone(s) are TWAP-buying on Ethereum futures. This
linear growth in open interest indicates systematic buying over a
certain period. There is $700 million added so far,” Regterschot
said. Systemic buying in this context involves crypto
investments made at regular and periodic intervals. TWAP on the
other hand is the measure of an asset’s average price over a
specific time period. This systemic buying trend suggests a growing
demand for ETH by investors over a long period. The trend also
coincides with the latest Ethereum developments in the crypto
space, including the growing applications on Ethereum Spot ETFs and
its potential approval by the United States Securities and Exchange
Commission (SEC). The analyst has not revealed insights into
the motives behind this systemic buying of Ethereum. However, the
developments could become a catalyst for a potential bullish
momentum for Ethereum (ETH). ETH Price Holds $2000 Mark The price
of Ethereum has seen multiple upticks within the last few months,
allowing the cryptocurrency to finally cross the $2,000 mark.
According to CoinMarketCap, Ethereum’s price is up by 2.3% and
trading at $2,062 at the time of writing. Although its overall
market capitalization is down by 23.31%, the cryptocurrency has
been experiencing a fair amount of price increases recently.
Related Reading: Cardano Forecast: Crypto Analyst Identifies The
Event That Could Send ADA Price To $11 As the potential approval of
Ethereum Spot ETFs by the US SEC looms next year, many investors
are currently holding their crypto assets as they gear up for a
possible bull run. There have also been several optimistic price
projections for the ETH token. Some analysts have predicted that
the price of the cryptocurrency will reach $2,250 if it succeeds in
crossing multiple resistance levels. ETH price falls to
$2,055 | Source: ETHUSD on Tradingview.com Featured image from
Decrypt, chart from Tradingview.com
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