Is Ethereum [ETH] perilously close to collapse?
Does Ethereum Open Interest reach its highest point?
According to CoinGlass statistics, Ethereum Futures are seeing a spike in speculative activity, with Open Interest reaching an all-time high of $35.69 billion.
Following a strong mid-May advance, price activity indicates consolidation, indicating that a breakout or correction may be on the horizon.
Given the clustering of cost-basis risk in that area, a reversal toward the $2,500–$2,550 support zone may ensue if bulls are unable to convincingly push ETH above $2,700.