As Ethereum (ETH) battles price fluctuations and struggles to maintain the $2,000 support, significant development has occurred in the ecosystem. Notably, Ethereum bulls are digging in and trading the coin, as open interest witnessed a 2.61% surge in the last 24 hours.
Ethereum open interest hits 10.84 million ETH
According to CoinGlass data, Ethereum futures traders have committed 10.84 million ETH in open interest. This is worth approximately $22.03 billion at the current market rate, signaling renewed confidence among coin holders.
For perspective, Bitcoin’s leading digital asset has recorded a decline in open interest within the same time frame. Bitcoin’s open interest has dropped by 3.77%, as only 630,990 BTC were committed by investors.
Notably, this metric remains critical to investors and market participants looking to understand the direction of an asset in the crypto space. With more traders joining the Ethereum derivatives market, these investors are confident of a rally soon.
As of this writing, the Ethereum price was changing hands at $2,025.73, representing a 2.36% decline in the last 24 hours. However, trading volume has slightly increased by 14.50% to $12.65 billion. This aligns with the increased open interest figures.
Is $6,000 target possible for Ethereum?
A closer analysis of the data shows that these Ethereum traders are more concentrated on Binance, accounting for 20.63% of the total 10.84 million ETH. Other exchanges with a high record of bullish activities were Gate.io, at 19.45%, and Bitget, at 12.06%.
Analysts have shared different perspectives on Ethereum as the crypto market has retained its consolidation phase. Veteran trader Peter Brandt predicts that ETH could hit $6,000 if the coin can sustain support at $2,150.
Meanwhile, in the broader crypto ecosystem, the NYSE has filed a new Ethereum exchange-traded fund (ETF) proposal on behalf of Bitwise. The move seeks to add staking to the Bitwise Ethereum ETF. This positive ecosystem outlook can help revive the Ethereum price outlook.
