Fresh activity around Ethereum signals a major breakout as new wallets accumulate ETH and open interest surges to historic levels. In the last 15 hours at the time Spot on Chain reported, six newly created wallets withdrew 9,230 ETH—worth about $24.55 million—from OKX and Kraken. This surge in accumulation, noted by Spot On Chain, came at an average price of $2,660. These moves point toward heightened investor confidence, particularly as ETH price trades near a crucial resistance zone.
Institutional Momentum Builds
Besides fresh wallet activity, Ethereum’s open interest has climbed to a new all-time high. This metric tracks the number of open futures contracts, and it now exceeds 7 million contracts. Such a spike highlights intensified market engagement, especially from institutional and retail participants. The open interest growth aligns with Ethereum’s multi-year price journey. ETH started 2020 near $100 and peaked around $4,000 in 2021 before correcting to $1,000 in mid-2022.
However, ETH started to rebound in late 2022 following a year-long decline. Ethereum gradually recovered its strength during 2023 and the first part of 2024. As a result, ETH is again retesting the $4,000 range that was observed throughout the 2021 bull run. This second surge reflects Ethereum’s cyclical nature by mirroring the 2020–2021 cycle. Every bullish cycle supports the long-term bullish structure by exhibiting rising prices together with increased open interest.
Technical Chart Points to Breakout
Meanwhile, short-term technical indicators as per analyst Sensei reveal an impending breakout. Ethereum has been consolidating within a defined range, holding firm support near $2,400. Moreover, the price action continues forming higher lows along an ascending trendline. This signals underlying bullish strength. Repeated tests of upper resistance around $2,700 show growing pressure toward a breakout.
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