Ethereum Open Interest Reaches All-Time High Alongside Record Breaking Rally

Tony "The Bull" Severino

4 years ago

3 mins read

ethereum open interest all time high record

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Altcoin season is now official, with the highest ranked of the bunch setting a new all-time high today – much like Bitcoin did late last year. At the same time, open interest in Ethereum Futures contracts has never been higher, suggesting that the momentum, volatility, and potential upside has only just started.

Here’s a closer look at the cryptocurrency’s recent record-breaking rally compared to its last peak, and what investors can expect from here according to top industry analysts.

Bitcoin Buying Interest Spills Into Altcoins, Sends Ethereum To Record Prices

Bitcoin blasting well beyond its former record and causing widespread FOMO, has spilled into altcoins that have since grown by an even larger margin comparably.

Last year, Ethereum outpaced Bitcoin on an ROI-basis but failed to break its former all-time high while the top cryptocurrency did. But as of the last 24 hours, it was the top altcoin’s time to shine.

A new all-time high price record was set, beating the January 2018 peak | Source: ETHUSD on TradingView.com

The number two-ranked cryptocurrency by market cap now has broken its former record set back in January 2018. Now that the record is broken, analysts expect ETH prices to double within the span of two weeks.

Price estimates per token range from $3,500 to $20,000, and a December 2021 Options contract strike price hints at possible $10,000 per ETH by the end of 2021. And with open interest elsewhere in the derivatives market so high, there is a strong chance prices reach such levels.

All-Time High Open Interest Could Keep The Cryptocurrency Trending

According to glassnode data, it isn’t just Ethereum prices setting a new all-time high. Open interest across Ethereum Futures contracts are at the highest level in history, suggesting that the volatility and trend are likely sustainable for some time.

Open interest on Ethereum Futures contracts have achieved a milestone $4.5 billion, with $1.1 billion alone in positions open on Binance.

Open interest on ETH derivatives reaches ATH alongside new record | Source: glassnode on Twitter

Ethereum is only just now reaching its former all-time high and has only thus far left a wick above the previous record. But the market is well aware of what just happened with Bitcoin, doubling in price in a matter of days.

Traders are loading up on Ethereum positions expecting a similar move, but the former all-time high could also pose too strong of resistance, and act as a turning point.

Is this time different, and the former peak will act as the altcoin’s top? Or will Ethereum follow Bitcoin and double in value in the days ahead, driven by record Futures open interest?

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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