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Ethereum Bullish Bets Rise: ETH’s Cash-Margined Open Interest Skyrockets To New Levels
- Ethereum experienced a bullish momentum after a period of bearish pressure earlier this week.
- ETH's price saw a pullback on Thursday, falling below $2,700 and converting it back into a resistance level.
- Glassnode reported a significant surge in Ethereum Cash-Margined Futures Open Interest to a new all-time high of $20 billion.
- The surge in open interest suggests a resurgence of activity in the derivatives market, signaling increased interest in ETH without relying on crypto-backed collateral.
- Traders are increasing leverage with stablecoins, indicating ongoing bullish bets despite a minor retreat from $2,800 levels.
- ETH's recent pullback brought its price below key support levels, turning them into strong resistance levels.
- The Cost Basis Distribution levels at $2,760 and $2,700 are now acting as robust resistance points, impacting ETH's price movements.
- Glassnode notes that the cost basis bands are more evenly distributed, ranging from $2,760 to $3,420, with a significant resistance at $3,417.
- If ETH can reclaim the $2,700 and $2,760 range, its path to $3,420 may reopen, but the pace depends on holders' responses in the $2,800–$3,300 zone.
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