Usman Salis
Ethereum is sitting at $3,635 right now, up 4% in the last 24 hours after bouncing back from this week's dip. Despite a 3.6% drop over the past week, ETH is still up a massive 46% this month, showing buyers are still in control.
The price has been trading between $3,380 and $3,874 this week in classic consolidation mode. ETH is holding above key support levels, and traders are wondering if we're about to see another leg up.
ETH Open Interest on Binance Breaks Records
Here's the big news: Ethereum's open interest on Binance just hit $8.7 billion according to CryptoQuant's BorisVest analysis. That's over three times what we saw in the 2021 bull run when ETH was at similar prices but open interest only reached $2.5 billion.
What's interesting is funding rates are still neutral, meaning we're not seeing crazy speculation yet. ETH spot volume jumped 45% to over $28 billion yesterday, showing real demand. Total open interest across all exchanges hit $48.26 billion per Coinglass data.
Ethereum (ETH) Technical Setup Looking Good
Technically, ETH is doing the right things. It's above the 10, 20, and 50-day moving averages, and RSI is neutral with room to move higher. Some short-term indicators like MACD show mild bearishness, but Bollinger Bands suggest ETH isn't overextended.
The bullish play? ETH holds above $3,600 and breaks $3,875 resistance, targeting $4,000. The bearish scenario sees a drop below $3,380 support down to $3,100-$3,200.
For now, the trend looks solid with support holding. Any downside might be limited while the setup points to more upside potential.
Usman Salis
