Ethereum Open Interest Hits Record $22 Billion, ATH Incoming?
Despite the bearish outlook for cryptocurrencies, Ethereum (ETH), the world’s second-largest cryptocurrency, is still poised for a significant upside rally. Bullish price action patterns and record trader interest support this positive outlook.
Ethereum open interest hits record high
November 26, 2024, on-chain analytics company coin glass It was revealed that Ethereum (ETH) open interest (OI) surged 8.9% in the past 24 hours to reach an all-time high of $22 billion. The current OI is more than double Ethereum’s all-time high levels in November 2021.
This highlights the growing interest among traders in the asset and has the potential to push the altcoin to new highs in the coming days.
Bullish Catalysts Supporting ETH Price Surge
In addition to the surge in open interest, ether Recent developments have been gaining support, such as bullish price action, the impending resignation of Gary Gensler (SEC), political support for cryptocurrency advocate Donald Trump, and other factors.
Ethereum (ETH) Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, Ethereum is on the verge of breaking through strong resistance at $3,500 for the first time since July 2024. However, it is currently consolidating within a tight range between the $3,290 and $3,480 levels.
Based on recent price action, a breakout of the consolidation, as well as resistance levels, could significantly drive ETH higher.
Based on historical price action, if ETH breaks resistance and closes the daily candle above $3,550, there is a good chance it will surge 15% to $4,100 levels in the coming days.
The asset is currently 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 a downtrend.
Meanwhile, ETH’s relative strength index (RSI) remains below 70, indicating that the asset is not yet in overbought territory and still has room to surge in the coming days.
Current Price Momentum
At press time, Ethereum was trading near $3,475, up 4.10% in the past 24 hours. Its trading volume surged 72% during the same period, indicating increased participation from traders and investors amid the asset’s bullish outlook.
