The cryptocurrency is currently at a new 6-month high and the bulls are relentlessly pushing further. However, it is also rapidly approaching overbought conditions where we might witness some selling pressure.ETH still has some ground to cover before reaching the $2,000 resistance level. But can cryptocurrency sustain this momentum? It all comes down to the same banking collapse that triggered the current rally.
More liquidity will continue flowing into the crypto market if the dominos continue falling in the banking industry. Glassnode’s analysis of daily on-chain exchange flows reveals that Ethereum had a positive net flow of $35.8 million. Meanwhile, the ETH exchange inflows and outflows suggested that the bullish momentum was about to be challenged. Exchanges, at press time, were experiencing higher inflows than outflows.More importantly, the flow of funds both on and off exchanges was slowing down, at the time of writing. This outcome might pave the way for the bears to pose a challenge for the bulls especially if the situation with the banking industry is rapidly salvaged.
The open interest metric confirms that the demand for ETH in the derivatives market has indeed surged in the last 7 days.
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