Crypto Express

07/10 02:14

The divergence shaping Etherum projections in Q3

Interestingly, Ethereum’s near 7% rally to $2,620 isn’t just another bounce. Instead, it’s a technical breakout from last week’s tight range below $2.4k.

That range had formed right after ETH hit a multi-month low of $2,114 on the 22nd of June.

In total, ETH has surged nearly 23% in under twenty trading sessions. Typically, such extended consolidation phases act as springboards for sustained bullish moves.

But context matters. During the May-June cycle, a similar Ethereum projections fizzled out at $2.8k, falling short of a $3k breakout.

What followed was a sharp deleveraging event that dragged ETH down 20% in less than two weeks.

Fast-forward to now, Ethereum’s Open Interest (OI) sits at $36.5 billion, clawing back toward the mid-June highs of $41.75 billion, right before that major liquidation cascade.

It’s no surprise then that shorts are crowding in across exchanges, anticipating a repeat flush. 

But could a key divergence this time be the catalyst that proves the bears are leaning too hard into a narrative that no longer fits — One that could recalibrate Ethereum projections moving forward?

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