The price of Ethereum (ETH) has surged by 5% in the last 24 hours, surpassing the 3,500 mark, as Bitcoin (BTC) remains stable around 98,500. The spotlight is now on ETH as BTC struggles to break through the $100K barrier. This surge in ETH’s value has positively influenced other cryptocurrencies such as Ripple’s XRP, Cardano (ADA), and Avalanche (AVAX), which have all seen significant gains. The ETH/BTC ratio is key to determining the next steps in the market.
Ethereum Futures Open Interest Reaches New Record Highs
According to Velte Lunde, the Head of Research at K33, the open interest for Ethereum futures on the CME has almost doubled following the recent election, hitting record levels. Ethereum futures have even begun to outperform Bitcoin futures in terms of premiums, signaling a major shift in market dynamics.
Despite lagging behind other altcoins in the post-election crypto rally, Ethereum has made a notable comeback. After initially climbing to 3,400 earlier in the month, its price dipped to around 3,000 due to significant sales by Ethereum holders. Nonetheless, Ethereum has recovered, posting a 14% gain over the last week alongside a surge in futures open interest. On-chain analyst Maartum highlighted a significant influx of over 10,000 ETH, with a total of 115,000 ETH deposited and 105,000 ETH withdrawn, indicating a positive market shift after months of net outflows. This could lead to a decrease in ETH’s market availability, potentially influencing its price, the analyst pointed out.
Could ETH Reach $10,000?
Ethereum’s price is showing considerable momentum, breaking through the 3,375 resistance level. Market analysts and participants are eyeing 4,000 as Ethereum’s next target, with some predicting it could reach as high as 6,500 by the end of Q2 2025. According to Coinglass data, Ethereum open interest has risen by 5.74% to 21.73 billion, with a notable increase in 24-hour liquidations to 47.5 million, including 24.47 million in short liquidations and 23 million in long liquidations.
Crypto analyst Michael van de Poppe believes that for Ethereum to initiate a significant price rally, it must overcome a crucial resistance level. He suggests that the ETH/BTC pair needs to breach the 0.036 level and maintain it as support for Ethereum to potentially soar towards $10,000.
