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Ethereum Hits All-Time High in Open Interest, ETH Price Next?
Ethereum, the second-largest cryptocurrency by market capitalization, has set a new record in open interest.
Ethereum (ETH) open interest on CME Futures has reached an all-time high of $7.85 billion, according to Maartunn, a community analyst at on-chain analytics platform CryptoQuant.
Open interest refers to the total number of outstanding futures contracts that have not yet been settled.
Ethereum open interest dominance has increased, reaching its highest level since April 2023, indicating a significant shift in the market's focus.
According to Glassnode, Ethereum perpetual volume dominance has surpassed Bitcoin for the first time since the 2022 cycle low, representing the largest volume skew in Ethereum’s favor on record.
The combined open interest across the top altcoins (Ethereum, Solana, XRP and Doge) has increased significantly since the beginning of July, rising from $26 billion to a staggering $44 billion. This steep increase in futures leverage implies a definite escalation in speculative activity, as traders open more leveraged positions.
Elevated leverage increases both upside and downside volatility, contributing to a more reactive and fragile market environment.
ETH price next?
Ethereum recently traded at $3,743 and decisively broke through many key on-chain resistance levels.
On what comes next, the +1 standard deviation range of Ethereum's Active Realized Price offered by Glassnode may provide insight into potential upside targets for the ETH rally.
Currently, the +1σ threshold is at $4,500, which is considered an overheated zone considering current market conditions. This price band has already served as a resistance level in the current cycle in March 2024, as well as during the previous 2020/2021 cycle.
As a result, $4,500 can be highlighted as a crucial target to monitor on the upside, particularly if Ethereum's advance continues. If this level is surpassed, Ethereum will aim for its current all-time high of $4,891, which was reached in November 2021.