Despite increasing Futures liquidations, Ethereum (ETH) is holding strong at the $2,500 support level. On January 16, $15.03 million of ETH shorts were liquidated against $5.3 million in long liquidations, coinciding with ETH/USD breaking through the $2,500 resistance level to reach $2,614.
Ethereum’s share of open interest in perpetual futures has risen from 21.8% to 26.5%, while Bitcoin’s has remained flat. The dominance of Bitcoin (BTC) dropped below 50%, suggesting that altcoins, inchotluding ETH, could outperform BTC.
Ethereum’s price dominance against Bitcoin increased by +22.4% in the past week, with a surge in new addresses and a decrease in ETH supply on exchanges. On-chain metrics indicate Ethereum’s current strength and potential to outperform Bitcoin in the short term.
Additionally, Ethereum’s “Cancun-Deneb” upgrade on the Goerli testnet is expected to lower transaction costs on layer 2 solutions and introduce new features.
Source: CRYPTO GLOB
