Ethereum Price Hits 2-Year High, Ethereum Futures Open Interest Exceeds $1.5 Billion
Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: JOSEPH YOUNG, reprinted with authorization by Odaily.
Editor's Note: This article comes fromETHCointelegraph Chinese (ID: CointelegraphChina)
, Author: JOSEPH YOUNG, reprinted with authorization by Odaily.TradingView.com
According to data from Cryptowatch, Ethereum (
) hit a two-year high. Despite breaking above $445, Ethereum futures open interest remains steady at a new high of $1.5 billion.
ETH-USD 4-hour chart Source:express：
Record Ether futures open interest suggests traders remain bullish and ETH could see further gains in the coming days.
On Aug. 11, Santiment reported that both Ethereum and USD fees had reached all-time highs. It could be a catalyst for ethereum to rise as users have to buy ether in order to pay miners. Santiment researchersHe said：
express
After Ethereum broke out from the two-year range, traders generally expect a stronger uptrend for ETH ahead. Well-known trader Satoshi Flipper said that there is no resistance for Ethereum until $780.pointed out：
He said
“Ethereum has been stuck in this range for 2 years and we don’t see any resistance until $780. In fact, this move is just getting started.”
Another trader, Byzantine General, said that the amount of open interest on ethereum remains "enormous." Traders may still expect greater price volatility, he suggested. he
“Ethereum open interest is still huge. That means…so we haven’t seen a ‘big move’ yet?”
Total Ethereum Options Open Interest Source: Skew.com
Typically, open interest falls when there are large price swings in cryptocurrencies. This is because large swings usually lead to a short and long squeeze on an asset, followed by a period of consolidation.
For ethereum, however, open interest has climbed to over $1.5 billion, according to data from Skew. Huobi and OKEx alone currently hold $761 million worth of Ethereum futures contracts.
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