Ethereum Open Interest Hits Record High, Suggesting Potential Market Shifts and Key Price Targets
Main Idea
Ethereum futures open interest hits a record high of $7.85 billion, indicating a potential market shift favoring ETH over other cryptocurrencies, with key resistance levels at $4,500 and $4,891.
Key Points
1. Ethereum futures open interest reached a record $7.85 billion, surpassing Bitcoin and marking the highest level since April 2023.
2. Ethereum's price recently traded around $3,743, breaching key resistance levels, suggesting a bullish outlook.
3. The +1σ level of Glassnode’s Active Realized Price metric stands at approximately $4,500, a critical target for Ethereum.
4. If Ethereum surpasses $4,500, the next milestone is its all-time high of $4,891, reached in November 2021.
5. Increased open interest and futures market activity suggest heightened volatility and potential price swings in Ethereum.
Description
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