Ethereum (ETH) may be preparing for a significant price increase as open interest reaches record highs. Recent data shows an increasing interest in ETH following a prolonged period of sideways movement.
Report on Ethereum's Record Open Interest Levels
According to CryptoQuant, open interest in ETH futures has reached an all-time high, with a predominance of long positions. Open interest on derivative exchanges stands at around $22 billion, or 7.17 million ETH.
Market Participants and Sentiment Overview
Currently, ETH buyers primarily hold their positions without significant profit-taking. ETH trading mirrors the BTC scenario, as traders, including retail, explore derivative markets. Market participants exhibit cautious optimism as ETH breaks out from a long-standing range.
ETH Holder Activity and Current Price Dynamics
Ethereum's on-chain activity remains notably high, with 431K active addresses daily. Transactions involving ETH and USDT are the most common, leading to significant gas consumption. The situation with ETH holders on DeFi platforms remains robust despite recent market fluctuations.
Under the current circumstances, Ethereum is showing dynamic development, and the recent increase in open interest draws attention from traders again. Support from holders and activity in the DeFi markets could play a crucial role in ETH's future price movements.
