Ethereum Open Interest Hits Record $22 Billion, ATH Earnings?
The world's second largest Ethereum (ETH) is poised for a popular upside rally despite a pessimistic outlook on the cryptocurrency landscape. A strong price action pattern and traders' interest support this positive outlook.
Ethereum open interest is at a historic high.
In the year November 26, 2024 On-chain analytics company Coinglass revealed that Ethereum (ETH) open interest (OI) rose 8.9% in the past 24 hours to a record high of $22 billion. The current OI is more than double what was seen at Ethereum's all-time high in November 2021.
This highlights the increasing interest from traders in the asset and has the potential to propel the altcoin to new highs in the coming days.
Bullies supporting the rise in the price of ETH
In addition to the surge in open demand, Ether is receiving consistent support from recent developments such as bullish price action, the impending resignation of Gary Gensler (SEC), political support from pro-crypto advocate Donald Trump, and more.
Ethereum (ETH) technical analysis and upcoming level
According to CoinPedia's technical analysis, Ethereum is at a strong resistance level of $3,500 for the first time since July 2024. However, it is currently consolidating in a tight range between $3,290 and $3,480.
Based on the recent price action, a breakdown of the consolidation could move ETH significantly along with the resistance level.
Based on the historical price progress, if ETH breaks the resistance level and closes the daily candle above the $3,550 level, there is a strong possibility that it will rise by 15% to reach the $4,100 level in the coming days.
Currently, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Traders and investors often use this indicator to determine whether an asset is in an uptrend or downtrend.
Meanwhile, ETH's Relative Strength Index (RSI) remains below 70, indicating that the asset is not yet in an overbought zone and still has room to grow in the coming days.
Current price momentum
At press time, Ether is trading near the $3,475 level and has recorded a gain of 4.10% in the last 24 hours. During the same period, the transaction volume rose by 72 percent, indicating high participation from traders and investors.
