Ethereum Breaks Above $2200 As ETH Open Interest Surges Above $8 Bln

Ethereum’s market value has hit $2,250 for the first time in over 1.5 years, as reported by Santiment. The surge coincides with a rise in both Ethereum open interest and long positions, signaling a growing fear of missing out (FOMO) among investors.

Cautioning the traders, Santiment further noted that Ethereum’s price could still climb up but traders shouldn’t leverage greedy positions.

Ethereum Open Interest Records $8.45 Bln Mark

Ethereum’s open interest rose to above $8 billion, according to Coinglass data, following a price rise above $2.2K. The last time ETH open interest was noted to be higher than it is now was in November 2022.

The major open interest data was recorded from Binance, Bybit, and OKX of $2.56 billion, $1.56 billion, and $1.32 billion respectively. As the price soared, traders started taking short positions.

Additionally, the Total Value Locked (TVL) of Ethereum can also be seen rising from $21 billion in October to $32 billion currently.

Amid these, a lot of whale movement could have been tracked on Ethereum. According to Lookonchain data, in the last six hours, a savvy trader successfully sold 2,850 $ETH (valued at $6.35M) at $2,230, pocketing approximately $457K.

The trader, expert at Ethereum trading, has executed 25 trades in the past year, achieving success in 20 of them—where the selling price exceeded the buying price. The cumulative profit from these transactions has surpassed $3M.

Also Read: Binance Lists LUNC, IOTA, & Other Spot Trading Pairs As Terra Classic Price Rallies

Can ETH Price Go Beyond $2.3K?

Looking at the current rally, Ethereum sees a lot of green candles within the previous week. Starting from the Ethereum ETF optimism to Vitalik’s view on overhauling the Ethereum staking model, ETH went through a lot.

At the press time, Ethereum (ETH) price was trading at$2,223.19, reflecting a notable 3% uptick in the last 24 hours and an impressive 10% surge over the past week. The 24-hour trading volume for ETH is a substantial $24.4 billion, underscoring robust market activity.

Coming to the Greed and Fear Index, the indicator shows a 76-point mark, signaling a prevalent sense of greed among investors. This indicates that the current market sentiment is bullish, suggesting a prevailing appetite for risk.

However, amid the bull rally, a lot of Ethereum whales have pulled out their stakes, leaving the short position at around $22 million dominating the current long position.

Also Read: Whale Transfers 24 Mln XRP Amid Price Jump, What’s Next?

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.