The price of Ethereum increased by 6%, reaching $3,170, while the open interest in its futures hit a record high of $46.58 billion.
Ether Price Shows Increase
The price of Ether (ETH) surged to $3,170, marking its highest point since February 1. This occurred against the backdrop of a broader cryptocurrency market increase of 1.8% over the last 24 hours.
Record Open Interest in Ether Futures
The open interest in Ether futures reached a record high of $46.58 billion, indicating increased market participation and new money flowing in. Since early June, open interest has grown by 64%, up from $17.95 billion just three months ago. This suggests rising demand for leveraged positions.
Analysts' Future Predictions for Ether
Some analysts predict that Ether could reach $30,000 in this cycle. Trader DeFi Dad expressed expectations of ETH peaking between $15,000 and $30,000. Other experts suggest Ethereum could outperform Bitcoin in the second half of the year, potentially hitting $6,000 before 2026.
With the rise in Ether's price and a record open interest in futures, the market displays strong bullish sentiment. Analysts offer a variety of forecasts, indicating ongoing investor interest in ETH.
