Ethereum Open Interest on Binance Hits Record Amid Neutral Funding and Mixed Technical Signals
Main Idea
Ethereum's open interest on Binance has reached a record $8.7 billion, nearly 3.5 times higher than the 2021 bull market peak, signaling strong bullish momentum as ETH price consolidates above key support levels.
Key Points
1. Ethereum's Binance open interest surged to $8.7 billion, a new all-time high, nearly 3.5 times the 2021 bull market peak of $2.5 billion.
2. ETH price is consolidating between $3,380 support and $3,874 resistance; a break above $3,875 could propel it toward $4,000.
3. ETH spot trading volume increased by approximately 45% to over $28 billion in the last 24 hours, indicating strong market activity.
4. Total open interest across all exchanges rose to $48.26 billion, alongside rising derivatives activity.
5. Short-term indicators like momentum and MACD show signs of decrease, but the trend remains constructive with strong support intact.
Description
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