Ethereum (ETH) futures data shows strong momentum, with ETH prices more than doubling since April lows, increasing the likelihood of reaching $4,000 in the coming weeks.
Key Takeaways:
- ETH price surged 108% since April 9, reaching $2,880.
- Ethereum futures open interest (OI) reached a record $20 billion, reflecting strong bullish sentiment.
- The bullish cup-and-handle pattern targets $4,200 for ETH.
Ethereum Futures Data Highlights Bullish Trader Sentiment
Glassnode data reveals that Ethereum futures OI (cash-margined) hit an all-time high of $20 billion on Thursday—a 155% increase since April 9. This metric measures the total funds allocated in cash-margined perpetual futures contracts, helping gauge market participation and risk capital.
The sustained OI growth indicates:
- Rising market enthusiasm
- Continuous capital inflow into ETH futures
- Strengthening trader confidence (often a precursor to price rallies)
👉 Why Ethereum’s $20B OI milestone matters for traders
Ethereum Outperforms Bitcoin
Since April 9:
- ETH gained 108% against USD
- BTC rose only 44%
- ETH/BTC pair increased nearly 50%, hitting a 14-week high of 0.02623
Notable quote:
"Ethereum’s momentum suggests the bull run has finally begun. We’re underestimating crypto’s overall potential."
— Michael van de Poppe, MN Capital
Cup-and-Handle Pattern Targets $4,200
ETH/USD daily chart shows:
- Formation of cup-and-handle pattern since February 12
- Breakout above the $2,800 neckline could confirm the pattern
- Technical target: $4,170+ upon confirmation
Analyst insight:
"The $2.8K level sparks ETH’s biggest moves. Watch for high-timeframe breakouts."
— @DaanCrypto
FAQs
Q: What does high open interest indicate?
A: It reflects growing market participation and often precedes price rallies due to increased demand.
Q: Why is ETH outperforming BTC?
A: Stronger investor confidence in Ethereum’s ecosystem upgrades (e.g., Dencun) and DeFi growth.
Q: How reliable is the cup-and-handle pattern?
A: Historically accurate for ETH; breakout confirmation requires sustained closes above $2,800.
👉 Explore Ethereum trading strategies
Disclaimer: This content contains no investment advice. Cryptocurrency trading carries risks.
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