Ethereum Surges to Four-Month High as Open Interest Reaches $31 Billion
Ethereum (ETH) is trading at $2,640 after gaining 5% on September 19. The surge in price is accompanied by a significant increase in open interest, reaching a four-month high of $31.48 billion.
The rising open interest is largely due to long traders who are betting on a continued climb in Ethereum's price. Data from CoinGlass shows that the long/short ratio for Ethereum has risen to 1.065, indicating more long accounts than short accounts.
Analyst Ted Pillows forecasts that Ethereum's price could move towards $2,900 and $3,000 if it can close above $2,550. However, if ETH fails to break through this resistance, it may drop to test support at $2,291, with a move below this level pushing ETH lower to $2,190.
Ethereum's ETFs have posted their first weekly outflow since August, despite the rising price of Ethereum. This comes as whale activity and non-empty wallets on the Ethereum network have increased significantly.