Ethereum Open Interest Rises 10% With $3.18 Billion in New Positions

Ethereum has broken above its 2021 all-time high of $4,860, entering a decisive phase in its bull cycle. This surge followed a 14% increase on Friday, attributed to Federal Reserve Chair Jerome Powell's comments about potentially easing US monetary policy.

Market response was immediate, with both equities and cryptocurrencies rising sharply.
Derivatives market data shows significant Open Interest (OI) growth as traders took leveraged positions, reflecting renewed speculative interest.
Analysts suggest continued upward momentum is possible if OI expansion does not lead to excessive leverage.
In 24 hours, over $3.18 billion in new Ethereum derivatives positions were created, increasing OI by nearly 10%.
Taker Buy Volume reached a multi-month high of $5.76 billion, indicating strong immediate demand.

Price Analysis

Ethereum's price has surged past $4,800, testing the previous all-time high region. Key technical indicators include:

Bulls defended support near the 100-period SMA at approximately $4,298.
The 50-period SMA is turning upward, suggesting a bullish short-term trend.
The 200-period SMA remains below current price levels, confirming an overall uptrend.

If the price maintains momentum, it may target the $5,000 level. However, rejection at $4,860 could lead to a retest of the $4,400-$4,500 support zone. The current phase signals either a continuation towards new highs or consolidation before another breakout attempt.