Ethereum is trading at $3,667 at press time, rising 4% in the past 24 hours and indicating renewed interest after a sharp drop earlier in the week.
Summary
- Ethereum open interest on Binance has hit a record $8.7B, nearly 3.5x higher than in the 2021 bull market.
- Despite neutral funding rates, rising volume and leverage point to bullish continuation potential.
- ETH price holds above support, and a break above $3,875 could extend gains, while a drop below $3,380 may trigger downside.
Ethereum (ETH) is still up 46% over the past month, showing strong momentum, despite a 3.6% drop over the last week. The price has hovered between $3,380 and $3,874 over the last week, suggesting consolidation after recent gains.
ETH Binance open interest hits record levels
According to an Aug. 4 analysis by CryptoQuant contributor BorisVest, Ethereum’s open interest on Binance has reached an all-time high of $8.7 billion, more than three times the peak seen during the 2021 bull market. Back then, ETH traded at a similar price, yet open interest topped out around $2.5 billion.
Leverage and speculative positioning have significantly increased in the current surge. Funding rates, however, are still neutral, indicating that the market is not yet overly bullish or bearish. This leaves room for positions to grow without triggering immediate corrections.
This quiet buildup is also supported by volume. ETH spot trading volume increased by almost 45% to over $28 billion in the last day. As per Coinglass data, total open interest across exchanges increased to $48.26 billion, alongside rising derivatives activity. These metrics point to growing engagement, not driven by panic or hype, but by calculated positioning.
Ethereum technical analysis
On the technical side, Ethereum appears to be in a strong uptrend, with price action staying above key moving averages like the 10-, 20-, and 50-day estimated moving averages. Since the relative strength index is near neutral territory, there is still room for a big push before the market becomes overbought.
However, short-term indicators like momentum and MACD are showing signs of mild bearishness, indicating a potential slowdown should buying pressure decrease. If demand picks up, ETH’s value could rise further, as Bollinger Bands show that it is not yet overpriced.
In a bullish scenario, ETH stays above $3,600 and breaks above $3,875, possibly aiming for $4,000 as leverage increases without taking on excessive risk. A bearish move that pushes ETH toward $3,100 to $3,200 could occur if momentum wanes and the price falls below $3,380. For now, the trend remains constructive with support intact.