Ethereum Open Interest Reaches All-Time High of $22 Billion, Is an ATH on the Horizon?
Ethereum Open Interest Hits Historic High
Ethereum’s Open Interest (OI) has surged by 8.9% in the past 24 hours, reaching a record high of $22 billion, according to on-chain analytics firm Coinglass. This current OI is more than double the level seen during Ethereum’s all-time high in November 2021.
The growing interest from traders in Ethereum highlights the potential for the altcoin to reach new highs in the coming days. Despite a bearish outlook in the crypto world, Ethereum, the second-largest cryptocurrency, appears poised for a significant upside rally.
Various bullish catalysts, such as bullish price action, political support from figures like Donald Trump, and the imminent resignation of Gary Gensler from the SEC, have been supporting Ether’s price surge.
In terms of technical analysis, Ethereum is approaching a breakout of a strong resistance level at $3,500 for the first time since July 2024. Currently, it is consolidating within a tight range between $3,290 and $3,480.
If Ethereum can break out of this consolidation and surpass the $3,550 resistance level, there is a high likelihood that it could soar by 15% to reach $4,100 in the near future. The asset is currently trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, signaling an uptrend.
Although the Relative Strength Index (RSI) for ETH remains below 70, indicating it is not yet in the overbought zone, there is still room for the asset to grow in the coming days.
As of now, Ether is trading near $3,475 and has seen a 4.10% increase in the past 24 hours. The trading volume has also surged by 72%, suggesting higher participation from traders and investors in response to the positive outlook for Ethereum.
