The Direction of Ethereum Price in the Next 24-48 Hours

Ethereum experienced a strong bullish trend in August, reaching nearly $5,000 before cooling down. Currently, ETH is trading around $4,648, and traders are closely following whether this uptrend will continue or if the market will take a breather. The last 24 hours have witnessed some interesting changes in open interest, long and short positions, as well as overall trading volume – and they might give us an indication of where ETH is headed next. After several weeks of stable growth, ETH has reached a resistance level just below $5,000 and has slightly declined. The price remains strong above the $4,500 mark, but indicators show that the market is pausing before deciding on the next move. Open Interest Rates Are Cooling Down The open interest volume (OI) has steadily increased throughout August, indicating that traders have been accumulating positions during the bullish phase. However, currently, the OI has begun to move sideways and slightly decrease. This is often a sign that traders are closing leveraged bets and waiting for clearer signals.

If OI continues to decline, ETH may consolidate or test lower support levels in the short term. Longs Fagning, Shorts Rising Net long positions are trending down. Many traders have taken advantage of the bullish momentum to take profits or reduce their positions. At the same time, net short positions are also increasing, meaning more and more traders are betting against ETH at this price. This setup often indicates a pullback. However, it can also pave the way for a strong reversal if the sellers are caught off guard and forced to take profits. Things to Know in the Next 24–48h Currently, ETH seems to be entering a short-term correction phase. A drop to the 4,500–4,400 dollar level would not be surprising if selling pressure increases. This will still keep Ethereum within a healthy price range after the recent bullish trend. On the other hand, if ETH holds above the $4,600 level and trading volume increases again, strong short selling could create pressure that quickly drives the price back down to the $4,800–$5,000 range. In the coming days, ETH is likely to trade between these levels, with the risk slightly tilted towards bearish before a potential recovery. Ethereum may not be as hot as Bitcoin currently, but the chart shows it is at a crucial moment. If support holds, ETH could set the stage for another attempt to break through the $5,000 mark – but for now, traders should be prepared for further choppy volatility.