INSUBCONTINENT EXCLUSIVE:
reaching $2,880 for the first time since Feb
This significantly outperformed the broader cryptocurrency market, which rose by 49% during the same period
Ether futures open interest rose to its highest level on Thursday, leading traders to speculate whether ETH price might also rally to new
all-time highs.Ether futures show ETH traders are bullishETH futures open interest (OI) (cash-margined) hit a new all-time high of over $20
billion on Thursday, up 155% since April 9, as per data from Glassnode.The Futures OI Cash Margin Perpetual metric measures the total amount
of funds (in USD value) allocated in open perpetual futures contracts that are collateralized with cash
It helps assess the market participation level and the amount of capital at risk in cash-margined perpetual futures.Rising open interest
indicates increased market participation and new money flowing into ETH futures contracts.ETH futures open interest: USD
Source: GlassnodeThis influx suggests growing confidence among traders and investors, often a precursor to price gains as demand
strengthens.Glassnode noted that traders use stablecoins to gain exposure to ETH via futures contracts, reflecting a strategic shift to
risk-on despite the price pullback from $2,800.This comes as stablecoin market capitalization reached a new all-time high at $228 billion,
up 17% year-to-date.Ether gains on BitcoinETH price has more than doubled since April 9, outperforming Bitcoin (BTC), whose price has risen
14-week high of 0.02623 on Wednesday
ETH/BTC trades at around 0.02561 at the time of writing.ETH/BTC ratio
on its daily chart time frame since Feb
The ETH/USD daily chart below illustrates that the price has broken out of the handle and is now retesting the neckline resistance at
Source: Cointelegraph/TradingViewA decisive daily candlestick close above the neckline will clear the path toward the technical target of
the prevailing chart pattern above $4,170 and beyond.Analyst Daan Crypto Trades said that the $2,800 level (coinciding with the neckline in
advice or recommendations
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