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06/17 15:17Bullish

Ethereum’s edge over Bitcoin: Can momentum hold or

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Ethereum’s edge over Bitcoin: Can momentum hold or will bulls get trapped? As high-cap assets reclaim key levels, investors are once again positioning for the market’s next move. Ethereum is a prime example. After rallying 4.07% on the 15th of June, ETH reclaimed $1.8k, posting its strongest single-day gain in two weeks. The move came as broader market sentiment flipped back to risk-on, bringing renewed attention to whether the rally is being driven by speculative leverage or Spot demand. On-chain and derivatives data suggest positioning is picking up. According to data from CryptoQuant, Ethereum open interest jumped 7.7%, marking its largest daily increase in a month. Rising Open Interest alongside price appreciation typically signals that new positions are entering the market, adding weight to the debate over what is fueling ETH’s breakout.  What’s interesting is that much of the activity appears tied to a highly publicized bet.  As highlighted above, trader Ansem recently opened an Ethereum [ETH] short targeting a move toward $888. The call quickly gained attention across crypto markets. ETH’s subsequent 4% rally, however, moved decisively against that positioning. The move appears to have amplified FOMO across the derivatives market, with traders rushing to increase exposure.  Notably, the surge in Open Interest suggests this dynamic is already unfolding in real time. The focus now shifts to Spot demand. If buyers in the Spot market fail to step in and support the move, Ethereum’s breakout above $1,800 could remain largely leverage-driven. In that case, the rally risks turning into little more than a short squeeze, raising the possibility of a bull trap.

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