Ethereum's open interest crosses 20 billion, the bulls in ambush

Ethereum begins to show signs of strengthening after a calm period. During last week, digital assets increased by more than 3 %, despite a temporary decline in the last 24 hours. This short -term drop has not stifled interest. In fact, recent data show that Ethereum could prepare the ground for a more sustained bullish movement.

The open interest of Ethereum's term contracts exceeds $ 20 billion

A key engine of this dynamic is the growing activity on Ethereum term contracts. Glassnode data, a market analysis platform, show that the open interest (IO) on ETH contracts recently reached a record, exceeding $ 20 billion.

Generally, this increase reflects a stronger participation in investors and more capital entering this sector. Glassnode also notes that many of this new capital comes from Stablecoins. The total value of this type of digital asset reaches $ 228 billion, an increase of 17 % since January.

Technical indicators become positive

Ethereum started climbing in early April after a long decline, earning almost 100 % between April 9 and May 11. After that, he was stable for several weeks. On June 10, he crossed a level of key resistance at $ 2,740, then retested on June 11.

A new increase was expected after this retest, but the price was stabilized – a problem with a general weakness on the Crypto market. Maintaining this level is often perceived as confirmation that a new trend is forming.

Technical indicators also confirm this perspective. The simple mobile averages at 50 and 100 days are both below the current price of Ethereum, which can be interpreted as a bull signal. The relative force index (RSI) is currently around 62. This indicates a positive pressure on the price without reaching a surrahat area, leaving room for new increases.

Ethereum surpasses Bitcoin with the return of whales

Ethereum does not only gain in value individually, but also surpasses Bitcoin, indicating an increasing confidence of investors. This force is reflected both in market data and in the actions of large investors, called “whales”.

• From the beginning of April, the ETH/BTC pair increased by more than 40 %, showing the outperformance of Ethereum.
• Analyst Michaël Van de Poppe notes that Ethereum has won about 50 % against Bitcoin since the hollows of April, carried by the force of altcoins, especially in the DEFI and active in the real world.
• A Crypto analyst reported that an whale has achieved more than $ 30 million in Ethereum trading recently bought 16,500 ETH, indicating strong confidence.
• A portfolio linked to Bitrue sold 4,200 ETH in March but spent $ 8.3 million DAI since € 2,999 ETH at an average price of $ 2,769.

Positioning on the market suggests additional gains

Van de Poppe explains that Ethereum is in the consolidation phase because many traders take advantage of their positions. He says that if this consolidation lasts a little more, it could be a great time to enter before the next Haussier movement begins. The analyst provides that ETH could reach a range of $ 3,400 to $ 3,500 in the short term.

Market analyst Rekt Capital noted that Ethereum repeatedly retests the level of support at $ 2,500 in the past five weeks. This level was a solid base for rallies in August 2021 and early 2024, both leading to gains approaching $ 4,000.

Based on this historic model, and now that ETH has crossed the $ 2,500 bar and forms a support around $ 2,700, there is an additional bull movement potential. In addition, if the general crypto market improves, this could create a positive dynamic for Ethereum, possibly growing upward prices.