[Analysis] "Ethereum Open Interest Surges, Could Signal an Uptrend"

Uk Jin

Summary

Ethereum's open interest has surged, recording an uptrend of about 6.5% in the futures market.
It was reported that nearly 10 million Ethereum are currently tied up in futures contracts.
With many long positions accumulating and the spot price low, it is predicted that if Ethereum breaks the resistance level, a significant rise could occur.

Open interest (OI) in Ethereum (ETH) futures markets has surged.

On the 24th (local time), crypto influencer Mario Nawfal reported on X (Twitter) that "Ethereum's open interest has surged," noting that "it has been steadily rising, recording an increase of about 6.5%, with nearly 10 million Ethereum currently tied up in futures contracts."

He further stated, "With so many long positions accumulating, the spot price remains low," and predicted, "If Ethereum breaks through that resistance level, a significant rise could occur."

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