Ethereum has reached a new all-time high in open interest on CME Futures, totaling $7.85 billion, reflecting significant market changes.
All-Time High Open Interest
According to community analyst Maartunn from the analytics platform CryptoQuant, Ethereum’s open interest on CME Futures has hit a record of $7.85 billion. This figure showcases a high interest from traders in futures contracts for the cryptocurrency.
Ethereum Market Dominance
Data from Glassnode indicates that Ethereum's perpetual volume dominance has surpassed that of Bitcoin for the first time since the 2022 cycle low. The total open interest across leading altcoins, including Ethereum, Solana, XRP, and Doge, has jumped from $26 billion to $44 billion since the start of July, highlighting a rise in speculative activity.
ETH Price Outlook
Recently, Ethereum was trading at $3,743 and decisively broke through several key resistance levels. Experts suggest that the $4,500 level may serve as a significant target for ETH's upward movement, particularly if the current trend continues. The previous all-time high of Ethereum at $4,891 was reached in November 2021, and surpassing this may be possible in the upcoming rally.
The rise in open interest and Ethereum's dominance suggests shifting conditions in the cryptocurrency market. These indicators may attract the attention of traders watching for future ETH price movements.
