Ethereum (ETH) is struggling to maintain price fluctuations and $2,000 in support, which has led to significant developments in the ecosystem. In particular, Ethereum bulls are trading in-depth at coins as they witnessed a surge of 2.61% over the past 24 hours.
Ethereum Open Interest hits 10.84 million ETH
According to Coinglass data, Ethereum Futures Traders has committed 10.84 million ETH for open profits. This is worth around $22.03 billion at current market rates, signaling new trust among coin holders.
For perspective, Bitcoin’s major digital assets recorded a decline in open interest within the same time frame. Bitcoin’s open profit fell 3.77%. Because only 630,990 BTC has been committed by investors.
In particular, this metric remains important for investors and market participants seeking to understand the orientation of assets in the crypto sector. With more traders taking part in the Ethereum derivatives market, these investors will soon feel confident in the rally.
At the time of writing, Ethereum prices have changed hands at $2,025.73, representing a 2.36% decline over the past 24 hours. However, trading volumes rose slightly, up 14.50% to $12.65 billion. This coincides with an increase in open interest.
Is the $6,000 goal possible with Ethereum?
A close analysis of the data shows that these Ethereum traders are more concentrated in vinance, accounting for 20.63% of the total ETH 10.84 million. Other exchanges with high records of bullish activity were gate.io and 12.06% of 19.45%.
Analysts share a range of perspectives on Ethereum as the crypto market holds its integration phase. Veteran trader Peter Brandt predicts that if the coin can maintain support at $2,150, ETH could reach $6,000.
Meanwhile, in the broader cryptographic ecosystem, NYSE has submitted a proposal for a new Ethereum Exchange-Traded Fund (ETF) on behalf of Bitise. The move is about to add staking to the Bitise Ethereum ETF. This positive ecosystem outlook will help revive Ethereum price outlook.
