Ethereum shows signs of recovery after a quiet period. Over the past week, its price rose more than 3%, despite recent fluctuations.
Record Interest in Ethereum Futures
Interest in Ethereum futures has significantly increased. Data from the analytics platform Glassnode shows that open interest (OI) in Ethereum futures has reached a record high of $20 billion. This growth may indicate increased investor participation and more capital entering this market segment. Glassnode also notes that much of this new capital is coming through stablecoins.
Technical Indicators Signal Positive Trends
Ethereum began to rise in early April after a long decline, increasing by nearly 100% between April 9 and May 11. After that, it traded sideways for several weeks. On June 10, it broke above a key resistance level of $2,740 and successfully retested that level on June 11. Technical indicators such as the 50-day and 100-day simple moving averages are positioned below Ethereum's current price, which can be interpreted as a bullish signal. The Relative Strength Index (RSI) is around 62, indicating positive price pressure with room for further gains.
Market Positioning Suggests Further Gains
Some analysts note that Ethereum is not only rising but also outperforming Bitcoin, signaling growing investor confidence. For example, the ETH/BTC pair has risen over 40% since early April. Analyst Michaël van de Poppe emphasized that Ethereum has gained about 50% against Bitcoin since the April lows, driven by strong altcoin positions, particularly in DeFi and real-world assets. It is expected that if consolidation continues, it could create excellent opportunities for next purchases before the next rise, especially since the $2,500 resistance level has already been confirmed.
Based on historical data on price levels and current trends, there is potential for further growth of Ethereum, especially if the overall cryptocurrency market improves.
