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Home Technical analysis ETH

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

Tony Spilotro by Tony Spilotro
1 month ago
in ETH
Reading Time: 3min 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.

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Related Reading | Capital Manager: Ethereum Will Double In Two Weeks Once ATH Is Broken

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.

ethereum open interest ethusd tradingview

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.

Related Reading | Ethereum Options Contract Hints At The Altcoin Closing 2021 Over $10K

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

ethereum open interest glassnode

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
Tags: altcoinscryptoETHethbtcethereumethusdETHUSDTglassnodeopen interest
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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