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BTC 
ETH Bitcoin rose strongly in the cryptocurrency market last night, and Ethereum became one of the most eye-catching assets in this market. In the past 24 hours, Ethereum prices have soared by about 20%, breaking the $2300 mark. This rally was driven by an increase in overall market risk appetite and a large inflow of funds from the Ethereum ETF.
Analyst Coutts: Uncertainty in the short-term direction
Ethereum has attracted attention with significant fluctuations, and Real Vision analyst Jamie Kutz assessed Ethereum's strong upward trend. Kutz pointed out that Ethereum yesterday recorded the eighth-largest single-day gain since 2018, but this does not mean that the rally will continue to maintain the same pace in the short term. According to historical laws, short-term price trends are highly uncertain, and the probability of continuing the upward trend is roughly equivalent to the result of a coin toss.
Long-term bullish momentum strengthens
However, analysts pointed out that in the longer term, Ethereum's bullish outlook is strengthening. He believes that Ethereum is more likely to perform positively in the next three to six months than in the short term.
Huge purchase of Ethereum! Trading volume reached US$2.55 billion
While Ethereum attracted attention with a 20% increase, investors 'aggressive buying in the derivatives market also reached alarming levels. According to analysis by CryptoQuant analyst MorenoDV, on August 19, Ethereum active buying volume on all exchanges soared to $2.55 billion in one hour. Analysts said hourly trading volume in the Ethereum derivatives market hit the third highest in about six months, driven by an increase in aggressive buying. Analysts commented: "Buyers are suddenly again willing to pay a premium, a willingness that has been extremely rare in the past six months." However, analysts pointed out that based on the increase in buyer trading volume alone, it is impossible to determine whether it is caused by the addition of long positions or the liquidation of short positions. To distinguish this, you need to specifically monitor open interest data and Ethereum's price trend. If open interest increases while strong buying pressure continues and Ethereum prices remain above the breakout zone, it can be seen as a signal that new long positions are entering. Conversely, if open interest decreases with large-scale liquidations, the increase is more likely to be a temporary buying trend triggered by the liquidation of short positions rather than an inflow of new funds. Analysts concluded: "This indicator is not a sign that confirms further bullish on Ethereum." He added that continued aggressive buying could be an early signal of broader market participation, but it could also exhaust short-term buying pressure as gains are absorbed by sellers.
