NewsBTC
Jan 4, 2026
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Ethereum Price Breaks $3,000 as Open Interest Rises to $7.1B

Ethereum Breaks $3,000 Resistance

  • Ethereum surpassed the $3,000 resistance level as the new year began.
  • Market analyst Amr Taha notes a significant rise in derivatives market activity, indicating aggressive investor positioning.

Increased Long Positions on Ethereum

  • A CryptoQuant analysis reveals a surge in Ethereum's open interest on Binance, increasing from $6.2 billion to $7.1 billion, a 12% rise.
  • This suggests traders are initiating new positions rather than covering shorts.

Ethereum

  • The ETH Cumulative Volume Delta increased, indicating net buying volume and bullish sentiment.
  • Traders favored market orders over limit bids, showing strong immediate demand.

Possible Bull Trap

  • Taha highlights a short-squeeze effect at the $3,100 level, causing sudden price gains.
  • He warns that forced liquidations can create temporary resistance and points out the leverage-driven nature of the move.

Currently, Ethereum trades at $3,087, up 2.51% in the past day.

Ethereum