Ethereum open interest surges 80% since April, hitting 3-month high
Summary ⚈ Ethereum open interest surged 80% since April, hitting a three-month high. ⚈ ETH price climbed 76%, aligning with increased speculative activity and open positions. ⚈ Technical analysis suggests a breakout toward $2,739 if bullish momentum continues. Ethereum’s (ETH) open interest, a measure of open derivatives positions at any given time, reached a 3-month high on May 13, signalling strong confidence that the present rally will continue. The total amount of derivatives positions open on the day was 17.05 billion, the highest it has been since February 2, and worth a total of roughly $32.68 billion, per data Finbold retrieved from cryptocurrency Analysis platform CryptoQuant . The elevated level of ETH open interest is a clear sign of increased speculative trading — and since Ethereum prices have been surging as of late, traders seem to be betting that the rally will continue. Ethereum open interest year-to-date (YTD) chart. Source: CryptoQuant Wh...