As Bitcoin's dominance faces obstacles, Ethereum (ETH) has finally achieved a breakthrough. ETH has reclaimed the $3,300 mark and is expected to see more significant gains.
Ethereum (ETH) broke through to $3,359.11, hitting a three-month high, and has recovered some of the losses from the declines in March and April. After several months of weak performance compared to BTC, there is much attention on whether ETH can break through further.
ETH has also risen to 0.029 BTC, while the leading cryptocurrency is currently consolidating around $118,000. The recent rebound in ETH has sparked hopes for a comprehensive recovery in the altcoin market, or at least its spillover effects on the Ethereum ecosystem.
After several months of relative weakness, ETH's recent breakthrough has led to expectations that the token may repeat a historic bull market rebound and stop at higher ranges.
Ethereum's open interest rises to a three-year high
The recent rise in ETH is mainly driven by derivatives trading. The open interest scale on cryptocurrency exchanges has expanded to its highest point in three years, exceeding $22 billion.
