Ethereum Open Interest Hits Record Highs Amid Rising Network Activity, Suggesting Potential Upside Breakout

Key Points

1. Ether futures open interest doubled since June 22, reaching $58 billion, surpassing previous peaks when ETH traded near $4,000 in late 2024.

2. Ethereum's network activity increased by 7.2% in 30 days, with monthly transactions up 16% to 43.3 million.

3. Stablecoin supply on Ethereum hit an all-time high of $132.5 billion, indicating increased liquidity.

4. ETH’s open interest dominance climbed to nearly 40%, the highest in over two years, suggesting capital rotation from Bitcoin to Ethereum.

5. Market analysts expect an extended rally for ETH, with $4,000 as a critical level, and emphasize the importance of consolidation below this threshold for healthier upward momentum.