ETH Open Interest Hits Record $40 Billion Amid Ether Price Surge

Ether's price has rallied 108% to $2,880 since April 9, with futures open interest reaching an all-time high, indicating strong bullish sentiment.

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Summary

Ether's price surged 108% to $2,880 since April 9, significantly outperforming the broader crypto market. As of June 12, ETH futures open interest hit a record $20 billion, up 155% since April, signaling increased market participation and bullish sentiment. Analysts note that Ether's cup-and-handle pattern could target $4,200, reflecting ongoing confidence in price gains.

Terms & Concepts
  • Open Interest: The total number of outstanding derivative contracts, such as options or futures, that have not been settled.
  • Ether: The native cryptocurrency of the Ethereum blockchain, used for transactions and smart contracts.
  • Cup-and-Handle Pattern: A technical chart pattern that resembles a cup with a handle, indicating a potential bullish breakout when the price exceeds the pattern's neckline.