Ethereum climbs to $3,680 with strong momentum as traders and analysts eye $4,000 amid rising demand and volume.
ETH’s sharp rebound from $1,400 lows and breakout past $3,600 signals fresh buying pressure from both retail and institutional players.
Open interest surges to $26.7B, showing explosive futures activity as traders position for bigger Ethereum price moves in the coming days.
Ethereum is gaining momentum as traders eye $4,000. Currently trading at $3,680, ETH has gained 2.43% in the latest session. Analyst Ted believes a breakout to $4,000 could happen as early as next week. Additionally, new data shows open interest has reached $26.7 billion. This signals explosive growth in Ethereum’s derivatives market and rising trader commitment. The surge aligns with ETH’s recent price rally, strengthening the case for a bullish continuation.
Price Recovers Sharply After Major Correction
Ethereum’s recovery from last year’s lows has been impressive. In mid-2024, ETH dropped to around $1,400, a steep 65% decline. Since then, it has reclaimed multiple key support levels $2,000, $2,400, and $2,800. These levels acted as strong buying zones during the recovery phase. Ted's MEXC chart confirms this structure, showing sharp rebounds and a bullish trajectory.
Source: Ted
The chart also highlights major resistance levels at $3,200, $3,600, and just under $4,000. Ethereum recently broke past $3,600, placing it close to testing previous highs. The candlesticks show aggressive buying with steep green candles. This hints at renewed institutional and retail demand. Analysts now target $3,991 as the next price milestone. This level marks the top of the current technical setup and could act as a magnet for price.
Open Interest Surge Signals Institutional Demand
Besides price action, Ethereum’s open interest is flashing bullish signals. Crypto Rover’s data reveals that ETH open interest hit $26.7 billion. This marks an all-time high and shows the market’s growing appetite for Ethereum futures. In 2021, open interest topped out around $9 billion. After a cooldown during the bear market, it has now surged past $20 billion and continues to climb.
Source: Crypto Rover
Moreover, this rise in open interest reflects higher institutional participation. It also confirms that traders are positioning for major price moves. However, elevated open interest can increase volatility. If sentiment flips quickly, the market could see sharp pullbacks.
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