Ethereum Futures Open Interest Nears $40 Billion Amid 5.2% Price Jump

Ethereum's open interest in futures contracts has surged, nearing the $40 billion mark, indicating a resurgence of interest among derivatives traders. This significant increase in open interest, coupled with a 5.2% price jump and an 88% surge in daily trading volumes to $22.5 billion, suggests a growing bullish sentiment in the market. The data from Coinglass reveals that while a major portion of the open interest has remained relatively stable with minor price fluctuations, both the open interest and ETH price have seen substantial increases since October. By June 2025, the open interest approached $40 billion, and the ETH price reached over $3,500.

The increasing price and open interest typically signal weak confidence among short traders, leading to a surge in long positions. Technical indicators further support this bullish outlook. The Exponential Moving Averages (EMAs) for durations of 20, 50, 100, and 200 days all stand below the current price mark, indicating a strong bullish trend. These EMAs act as major support levels for ETH, providing investors with a clearer picture for decision-making.

The Stochastic Relative Strength Index (RSI) shows a position reversal just above the oversold range in the daily time frame, suggesting a potential trend reversal for the Ethereum price. Given the current chart conditions, the price of ETH could continue gaining momentum in the coming week. Maintaining the value above the $2,600 mark could result in ETH retesting its upper resistance level of $2,800. A sustained bullish action may push the price toward its upper price targets of $3,000 or $3,200 in the near future. Conversely, increased liquidation could pull back the price to its immediate support level of $2,600, while a surge in negative sentiment might cause it to plummet toward its lower support zone of $2,400 this month.