Ether (ETH), the Cryptocurrency of the Ethereum network, is experiencing a notable rebound that allowed it to return to trading at $3,800, its highest price in 5 months.
The quote of the second most valuable cryptocurrency on the market increased more than 6% during the last week and now it sets its sights on breaking the $4,000 zone.
At the time of publication of this note, the price of ETH is $3,820, 21% below its all-time high (ATH).
Ether quote from January 1 to December 4, 2024. Source: TradingView.
This price rebound also allowed the price of ETH to measure in Bitcoin/” target=”_blank” rel=”noreferrer noopener”>bitcoin recover after you have reached your level lowest since 2021as seen in the TradingView chart below.
The good news for the community Ethereum network They don’t end there. In addition to the rebound in its price, the open interest (OI) of ETH set a record by exceeding $25 billion for the first time in its history.
OI is a valuable metric for investors because it provides information on market sentiment, trading activity, and liquidity. In addition, it reflects the number of market operations that are currently in circulation.
This indicator rises when the number of new contracts, in long positions (bets on a price increase) or short positions (bets on a fall), exceeds the number of closed contracts. A growth in OI is a sign of greater market sharewhich may result in an increase in liquidity and trading volume.
Therefore, every time the OI goes up, sparks bullish sentiment among investors.
According to data from Coinglass explorerthe Binance exchange has the most open interest in ETH contracts with 31.58%. Further back, Bybit appears (20.21%) and then CME appears (11.06%).
Exchanges with the highest trading volume in ETH options. Source: Coinglass.
Finally, we must highlight the good performance that ETH-based investment products are having.
As CriptoNoticias already reported, these financial instruments They are regulated by state entities and, for that reason, are attractive to institutional and corporate investors. During the past week, ETH-based investment funds worldwide had revenues of $634 million. So far in 2024 they accumulate 2.2 billion dollars.
This capital flow was led by the exchange-traded funds (ETFs) of ETH in the United States, which between November 24 and 29, reported inflows of more than 466 million dollars.
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