As Ethereum (ETH) faces price fluctuations while trying to maintain support around $2,000, significant developments are underway in its ecosystem. Notably, Ethereum bulls are active as open interest saw a 2.61% increase in the past 24 hours.
Ethereum Open Interest Hits 10.84 Million ETH
According to CoinGlass data, Ethereum futures traders hold 10.84 million ETH in open interest, equivalent to approximately $22.03 billion, indicating renewed confidence among holders.
In contrast, Bitcoin has experienced a decrease in open interest, declining by 3.77% as only 630,990 BTC were committed by investors in the same period.
This metric remains crucial for investors seeking to gauge asset direction in the crypto space. The influx of traders into the Ethereum derivatives market suggests expectations of a rally soon.
Currently, the Ethereum price is at $2,025.73, representing a 2.36% decline over the last 24 hours, although trading volume has increased by 14.50% to $12.65 billion, correlating with the rise in open interest.
Is $6,000 Target Possible for Ethereum?
A deeper analysis reveals that most Ethereum trading activities are centered on Binance, which accounts for 20.63% of the total open interest. Other exchanges showing significant bullish activity include Gate.io at 19.45% and Bitget at 12.06%.
Analysts have varied opinions on Ethereum’s future. Veteran trader Peter Brandt suggests that ETH could reach $6,000 if it maintains support at $2,150.
Additionally, the NYSE has filed a new Ethereum exchange-traded fund (ETF) proposal for Bitwise, aiming to include staking in the Bitwise Ethereum ETF. This positive outlook for the ecosystem may help improve Ethereum’s price prospects.
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