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🤯 ETH Options Interest Gains Billions 

Word On The Street: Ethereum has shown strong bullish momentum this week, marking four consecutive daily green candles—the first time since early July.

The details:

• This rally started after the U.S. announced a 50 basis point rate cut, signaling the start of a global interest rate easing cycle.

• Ethereum’s open interest (OI) has risen to $11.74 billion, gaining over $1 billion in less than a week.

• Ethereum’s next target is $2,800, though any pullback could see prices testing the $2,400 level, aligning with the Fibonacci 0.50-0.618 retracement range.

Why it matters: Ethereum broke a descending resistance trendline, closing above $2,464 and marking a break of structure (BOS), indicating a likely bullish trend shift.

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Reports from our analysts today:

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TRADERS CORNER
💸 Ethereum Technical Analysis

Ethereum is currently trading at $2,554.78, positioned just above the middle Bollinger Band, suggesting ongoing upward momentum after a recent pullback.

Trend Analysis:

Ethereum recently surged above the middle Bollinger Band, testing the upper band. The Bollinger Bands are widening, indicating increased volatility and bullish sentiment.

The BBP value of 32.72 shows that the current trend has room for continuation but is still within a controlled range.

Support and Resistance:

- Support: Immediate support lies at $2,522.05, around the middle Bollinger Band. A break below could see ETH testing $2,500.

- Resistance: Immediate resistance is at $2,565.70, near the upper Bollinger Band. Breaking above could lead to a retest of $2,600.

Scenarios:

- Bullish: If Ethereum holds above $2,554 and breaches $2,565, it could extend its rally toward $2,600.

- Bearish: A pullback below $2,522 might signal a return to the lower band near $2,500.

Ethereum is in a bullish phase, but traders should watch key levels around $2,565 for confirmation of a sustained uptrend.

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