Ethereum Price Rallies to Near $2,900 as Futures Open Interest Surges

Key takeaways:

• Ether’s price has rallied 108% since April 9, reaching $2,880.
• ETH futures open interest hits all-time high of $20 billion.
• $4,200 price target indicated by cup-and-handle chart pattern.

Nearly 110% Rally

Ether (ETH) prices surged over 108% since April 9, reaching $2,880—a level last seen since February 8. This performance significantly outpaced the broader cryptocurrency market, which rose by approximately 49% during the same period.

Bullish Futures Positioning

Ethereum perpetual futures open interest—the funds allocated to open cash-collateralized perpetual contracts—reached a new all-time high of over $20 billion on Thursday. This represents a nearly 155% increase since April 9.

According to Glassnode data, this open interest increase indicates substantial capital flowing into ETH futures, suggesting growing trader confidence. This development coincides with stablecoin market capitalization reaching a record $228 billion.

ETH Outperforms BTC

Unlike Ethereum’s strong performance, Bitcoin only increased by approximately 44% against the US dollar during this period. The ETH/BTC ratio—which represents Ethereum’s value in Bitcoin terms—reached a 14-week high of 0.02623, signaling strength of Ethereum relative to Bitcoin.

“$ETH continues to show strength as it’s up 50% against #Bitcoin since the low in April,” noted MN Capital founder Michael van de Poppe. The analyst added, “I think we’re fairly underestimating the potential of this entire market.”

Rally Pattern Breakout

Ethereum is forming a bullish cup-and-handle chart pattern on its daily timeframe. A decisive break above the $2,800 neckline would trigger a potential rally toward $4,170 according to current market projections.

Analysts suggest this price level is historically significant for triggering major market movements. Cryptocurrency experts are watching closely for any sustained move above this level.

Ethereum analysts highlight that the current consolidation at $2,800 appears to be confirming a potential new market cycle. The combination of increased futures positioning and strong relative performance compared to Bitcoin suggests bullish sentiment continues to build.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk; conduct your own research before making decisions.