🌎 Ethereum (ETH) Price Reaches New High at $3,530 as Traders Prepare for ETFs

Ethereum (ETH) price hit a new peak in 2024, reaching $3,530 around 06:00 GMT on March 4. Strategic traders are looking to make bullish bets early before ETFs open for trading.

Despite the price increase, ETH still seems undervalued compared to the capital flowing into derivatives markets over the weekend. With Ethereum open interest at historic highs, can the bulls sustain the positive momentum and push the rally above $4,000?

Ethereum Open Interest Rises by $400M

Ethereum price is on the cusp of another bullish run this week, fueled by the decline in Bitcoin dominance. Speculative traders have been increasing their bullish bets on ETH futures markets over the weekend.

Coinglass, a crypto derivatives analytics platform, reports that ETH open interest reached $11.8 billion, up by $400 million from the previous weekend. This surge in open interest indicates a strong bullish sentiment among traders.

Ethereum Price Prediction: Can ETH Reach $4,000?

As of March 4, Ethereum price is trading above $3,500, showing a 5% increase from the 24-hour low. With significant capital inflows into ETH derivatives markets, Ethereum is poised to make a push towards $4,000.

However, historical data suggests that ETH faces resistance around the $3,650 level. If bulls can break through this barrier, it could lead to a retest of $4,000. On the other hand, a sharp downturn below $3,000 could signal bearish control, although strong support is seen at the $3,100 mark.

With the current market conditions, it seems likely that Ethereum will continue its upward trajectory. Stay updated on the latest news and trends in the cryptocurrency market to make informed investment decisions.