Why did ‘ETH denominated OI on CME climb to highest level since early April’
Ethereum [ETH], the largest altcoin continues to see alarming signals concerning its price on a weekly basis. ETH remained in a bearish zone below the $1,280 and $1,250 resistance levels.
Now, ETH started a fresh decline (7%) and traded below the key $1,200 support zone. Thereby, closing red week after red week for the past 11 weeks.
That’s not all, the futures market saw some interest action as well.
It’s quite clear that Ethereum has immensely suffered in the spot market. ETH has been one of the worst-hit coins. And, it has been performing poorly as compared to the other cryptocurrencies at the moment.
Likewise, sentiment around the largest altcoin took a blow as well. The amount of positive commentary towards ETH fell to an alarmingly low level- a level not seen in over four years.
Source: Santiment
Santiment, an analytical platform, in a 29 June tweet opined,
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