Ethereum (ETH) continues to exhibit positive trends in the cryptocurrency market, reaching a new three-month peak. This article explores ETH's recent success and its impact on the market.
Breakout Above $3,300
Ethereum (ETH) broke out to $3,359.11, reaching a three-month high and partially recovering some losses from the downturn seen in March and April. The recovery against BTC raises expectations for potential further growth.
Surge in Open Interest on Exchanges
The recent ETH rally is driven by derivative trading. Open interest on crypto exchanges expanded to a three-year peak above $22 billion. The predominance of long positions indicates increased interest in the asset after several months of low activity.
Signs of Recovery in ETH Demand
While ETH is not viewed as a truly scarce resource, signs of accumulation are emerging among large holders, institutional investors, and companies. The successful growth of ETH is also supported by increasing interest from treasury companies.
Ethereum's rise to such levels and the increasing open interest signal a potential continuation of positive movements in the cryptocurrency market. However, current conditions remain uncertain and are dependent on trader sentiment.
