Ethereum News Today: Ethereum's Open Interest Surges 100% to $58B as Price Rebounds Above $3.8K

Ethereum’s price rebounded above $3,800 on July 29, 2025, following a brief dip to $3,700 during early Asian trading hours, reigniting speculation about a potential breakout to all-time highs. Analysts highlighted a surge in key on-chain metrics, including record-breaking open interest, heightened network activity, and elevated stablecoin supply, as indicators of growing bullish momentum. Ether futures open interest (OI) hit $58 billion, a 100% increase from June 22 and a 10% rise over two days alone [1]. This figure contrasts sharply with earlier comparisons: in April 2025, when ETH traded near $1,800, open interest stood at $20.75 billion, while December 2024’s $4,000 price level corresponded to $31.5 billion in OI. The rapid growth underscores intensified speculative positioning and fresh capital inflows into ETH futures contracts.

Ethereum’s OI dominance also reached nearly 40%, the highest level in over two years, signaling a shift in speculative capital from Bitcoin to Ethereum [1]. According to on-chain analytics firm Glassnode, this represents a “clear shift in speculative focus” as traders rotate funds to the second-largest cryptocurrency. Crypto trader Merlijn The Trader noted the surge in leverage, stating, “Open Interest just hit a new all-time high. The price is climbing. Leverage is stacking,” and emphasized that the current rally “isn’t a normal breakout” but a catalyst for a “vertical move” [1].

Network activity metrics further reinforce the bullish narrative. Active Ethereum addresses increased by 7.2% over 30 days, while average monthly transaction counts rose 16% year-on-year to 43.3 million [1]. Decentralized exchange (DEX) volume surged to a four-month high of $22.6 billion, and stablecoin supply hit an all-time high of $132.5 billion, reflecting heightened liquidity and demand [1]. Analyst Elja, referencing these on-chain trends, stated, “Ethereum network activity is through the roof,” adding that a new all-time high for ETH is “just a matter of time” [1].

Breaking the $4,000 resistance level remains a critical milestone for ETH’s next phase. This price point has historically acted as a barrier since February 2024, and analyst Daan Crypto Trades advised that a consolidation period below $4,000 could create a more sustainable upward trajectory. “It gives more room for a larger leg up afterwards,” he noted, though he acknowledged that a direct break could still occur [1]. Market analysts, including Bitcoinsensus, have labeled ETH as “ready to explode to the upside,” citing its ability to hold above a multi-year trendline [1]. With sufficient momentum, a breakout could drive prices significantly higher in the coming months [1].

The price action aligns with broader macro trends, including a shift in speculative capital from Bitcoin to Ethereum and increased participation in leveraged trading products. Participants are advised to monitor the $4,000–$4,100 region, where key technical indicators and sentiment could converge. While the market remains in a bullish phase, historical attempts to breach $4,000 have produced mixed outcomes, underscoring the need for caution.

Source: [1] Ethereum 'ready to explode' as ETH price reclaims $3.8K, analysts say (https://coinmarketcap.com/community/articles/6888f22ac101682287faa771/)