Ethereum News Today: Ethereum's $3,800 Rebound Driven by $58B Open Interest and Rising Network Activity

Ethereum’s price has reasserted above $3,800 after a brief pullback to $3,700 earlier in the Asian trading session on July 29, 2025, sparking optimism among analysts who point to record open interest and robust network activity as indicators of a potential breakout. Ether’s futures open interest (OI) has surged to an unprecedented $58 billion, reflecting a 10% increase over the past two days and more than doubling since June 22 [1]. This level surpasses the $31.5 billion OI recorded in December 2024 when ETH traded near $4,000, underscoring growing speculative fervor and capital inflows into the market [1].

The dominance of ETH futures OI has climbed to nearly 40%, the highest in over two years, according to on-chain analytics firm Glassnode. This shift suggests a reallocation of speculative capital away from Bitcoin and toward Ethereum, signaling a broader market pivot in risk appetite [1]. Concurrently, Ethereum’s network activity has accelerated, with active addresses rising 7.2% over 30 days and monthly transaction volumes up 16% to 43.3 million [1]. Decentralized exchange (DEX) volume reached a four-month high of $22.6 billion, while stablecoin supply hit an all-time high of $132.5 billion, further reinforcing liquidity and demand [1].

Analysts highlight the $4,000 price level as a critical threshold for Ethereum’s next phase. “Open Interest just hit a new all-time high. The price is climbing. Leverage is stacking,” noted crypto trader Merlijn The Trader, emphasizing that the current momentum could drive a “vertical move” if the level is breached [1]. Daan Crypto Trades, another analyst, cautioned that a consolidation phase below $4,000 could provide a healthier foundation for a larger rally, though he acknowledged the immediate focus remains on the $4,000–$4.10K range [1].

The $3,800 reclamation has also reignited discussions about Ethereum’s potential to surpass its prior all-time high. Bitcoinsensus, a market analyst, described the conditions as “ready to explode to the upside,” citing strong momentum and a breakout above a multi-year trendline as catalysts for further gains [1]. Meanwhile, Ethereum’s 7-day price increase of 6% to $3,800 underscores the asset’s resilience amid volatile market conditions [1].

Despite the bullish signals, the market remains cautious about the path ahead. The $4,000 resistance has historically repelled ETH multiple times since February 2024, and a sustained break above this level will likely test the depth of institutional and retail demand. For now, the confluence of record OI, surging network activity, and speculative positioning suggests that Ethereum’s trajectory remains firmly upward—though traders are advised to approach forecasts with due diligence, as the data reflects analyst perspectives rather than guaranteed outcomes [1].

This article does not constitute investment advice or recommendations. All trading and investment decisions carry risk.

Source: [1] Ethereum 'Ready to Explode' as ETH Price Reclaims $3.8K, Cointelegraph (https://cointelegraph.com/news/ethereum-ready-to-explode-eth-price-reclaims-3-8k-analysts)