Ethereum Open Interest Hits Record High, Suggesting Potential Market Shifts and Key Price Targets

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.