🚀 $ETH surges past $3.4k as open interest hits record highs
Ethereum (ETH) is breaking out, climbing above $3,300 as Bitcoin's dominance stalls, fueling expectations for a broader altcoin rally.
ETH hit $3,359.11, a three-month high, recovering from March and April losses. After months of underperforming BTC, ETH rose to 0.029 BTC, with Bitcoin consolidating at $118,000. This rally sparks hope for a revitalized Ethereum ecosystem and potential altcoin market surge.
The breakout follows months of weakness, raising expectations of a historic bull run with ETH targeting much higher price ranges.
🔸 Ethereum open interest soars to three-year high
The rally is fueled by a spike in derivative trading, with open interest on exchanges hitting $22B, a three-year peak. After months of low activity and open interest below $10B, ETH is regaining momentum.
Currently, 65% of open interest is in long positions, with traders cautious of pullbacks. ETH’s price is well above DeFi liquidation levels, starting as low as $1,600, ensuring lending protocol stability.
However, the surge in open interest could trigger liquidations. A dip to $3,200 might liquidate $59M in long positions, with short positions nearly wiped out. In the past 24 hours, ETH led liquidations with $196.74M, primarily on Binance ($149M), compared to BTC’s $45M.
