Ethereum Open Interest Hits New Highs-Here’s Why ETH Price is Poised for a 50% Surge

The Ethereum price was closely consolidating within a bullish pattern, while the latest rise has helped the token to break out of the range. With this, the Ethereum market cap surged above $327 billion and surpassed the market cap of Bank of America for a while. With this, the ETH price is heading towards one of the most bullish monthly closes in the near future. Moreover, the current chart patterns are replicating the Bitcoin 2021 bull run, and hence, if it follows a similar outcome, the ETH price may find highs beyond a 5-digit figure. 

Following the Pectra upgrade, ETH/BTC has shown huge bullish momentum, rebounding from the key support levels at 0.02. This occurred back in 2020, before the start of the 2021 bull run. This could be the main reason that the 40x Long Whale, James Wynn, opened a long position with 25x leverage in ETH at the entry point of $2666, valued at $60.4 million. Previously, the whale had opened a long position in Bitcoin, which resulted in a massive upswing towards new highs. This suggests that whales have become extremely bullish on Ethereum, indicating that the price of ETH could be poised for a significant upswing. 

After facing equal bullish and bearish action throughout the past week, the ETH price has finally triggered a strong breakout, which could push the price beyond the multi-year ascending trend line. Moreover, the weekly price action suggests the token is testing the 200-day MA, and a rise above the range could be the turning point for the second-largest token. Currently, the price is testing the neckline of the v-shaped recovery and hence a weekly close above $2,619 may ascertain the beginning of the fresh bullish action. 

The weekly RSI is rising, the weekly MACD underwent a bullish crossover, and the weekly CMF is at 0 after a rebound from -0.11, but the weekly DMI displays a diverse movement. On the other hand, the Ethereum Open Interest has surged above $33 billion, suggesting a significant rise in the open futures and option contracts, which signals fresh liquidity entering the space. 

After Bitcoin, it’s now time for Ethereum to break the highs, which may further trigger a strong altseason as Bitcoin dominance continues to drop.