How To Trade The Ethereum Rally: 10x Research
Portfolio Pulse from Ivan Crnogatić
10x Research's recent newsletter highlights the ongoing Ethereum rally, driven by the anticipation of spot Ethereum ETFs. The newsletter suggests that traders should adopt bullish positions, noting significant increases in Ethereum futures open interest and DeFi's total value locked. Ethereum-related tokens like Ondo Finance and Ethereum-based meme coins such as Pepe have also seen substantial gains.
May 27, 2024 | 7:18 pm
News sentiment analysis
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NEUTRAL IMPACT
Bitcoin has seen a modest 3% increase in futures open interest compared to Ethereum's 45%, indicating a stronger preference for Ethereum in the current market.
While Bitcoin has seen some increase in futures open interest, it is significantly lower than Ethereum's, suggesting a stronger market focus on Ethereum.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Ethereum's rally is driven by the anticipation of spot Ethereum ETFs, with a 45% surge in futures open interest and a 25% price increase over the last seven days.
The anticipation of spot Ethereum ETFs has significantly increased futures open interest and driven up Ethereum's price, indicating strong bullish sentiment.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Lido has seen a significant increase in its total value locked and a price rally from $1.50 to $2.60 following the announcement of unstaked ETH ETF approval.
The approval of unstaked ETH ETFs has driven significant gains in Lido's TVL and price, indicating strong bullish sentiment and potential for further upside.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70
POSITIVE IMPACT
Pepe, an Ethereum-based meme coin, has benefited from the Ethereum rally, with a 75% price increase over the last seven days.
The Ethereum rally has positively impacted Ethereum-based tokens, including Pepe, which saw a significant price increase.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60