Ether’s price has reclaimed the $3,800 level after dipping to $3,700. Analysts highlight key metrics indicating the possibility of new all-time highs for ETH.
Ether Open Interest Hits Record Highs
Open interest in Ether futures reached a record high of $58 billion, indicating increased market participation and fresh capital flowing into ETH futures. This metric has more than doubled since June 22nd, increasing by 10% in the last two days. Crypto trader Merlijn The Trader stated: "Open interest just hit a new all-time high. The price is climbing. Leverage is stacking."
High Network Activity Reported
Ethereum's network activity continues to show strength, with active addresses increasing by 7.2% over the last month. The weekly DEX trading volume also hit a four-month high of $22.6 billion, while the total stablecoin supply reached an all-time high of $132.5 billion, signaling increased liquidity and demand. Analyst Elja remarked: "Ethereum network activity is going through the roof."
Analysts Anticipate Extended Rally for Ether
Currently, Ether trades around $3,800, which is a 6% increase over the last week. Breaking the $4,000 level is crucial for ETH's upside potential and could pave the way for new all-time highs. Analyst Daan Crypto Trades advised that it would be healthier for ETH to consolidate below this level before breaking, allowing for a larger upward movement afterward.
Market activity for Ether has significantly increased, with analysts forecasting continued growth. If the $4,000 level is breached, it could signal a move towards new all-time highs.
