Ethereum Price Jumps 8% as ETH Open Interest Hits All-Time High, Analyst Predicts $30k
Ethereum jumps 8% as open interest hits a record high, with analysts now predicting a possible rise to $30,000.
The Ethereum price has soared 8% in the last 24 hours, to trade at $3,341.21, on a 23.45% pump in the trading volume, to $47.46 billion.
Ethereum Price Surges Alongside An Open Interest
Ethereum price surge outpaces many altcoins and reignites bullish momentum throughout the crypto ecosystem.Â
The jump comes as open interest in ETH derivatives hit an all-time high, to over $16 billion, surpassing previous records set at the height of the last bull cycle, signalling a dramatic influx of capital and renewed risk appetite from traders and institutions.
Could ETH Hit $30,000?
Prominent trader Yoddha points to an ‘ascending channel’ formation on ETH’s long-term chart. A bullish structure often precedes large, sustained rallies. According to Yoddha, if the ascending channel pattern persists, Ethereum could reach $30,000 in this cycle, representing nearly a 700% upside from current levels.
Ethereum is now less than 30% from its previous all-time high set back in 2021. A break above the $4,000 threshold could see ETH accelerate rapidly, with the $4,800 record in play. If the current wave of open interest translates into spot buying, Yoddha’s $30k scenario gathers credibility.
Ethereum Price Bullish Channel Signals More Upside
Ethereum is currently trading at $3,323 on the daily chart. This price is trending above the 50 and 200-day Simple Moving Averages (SMAs), displaying a bullish channel.
These SMAs at $2,618 and $2,474, respectively, act as strong supports. If these levels don’t hold, the price could drop further toward the $2,361–$2,045 support zone, while a break above $3,500 could quickly push ETH to $4,000 and beyond.
ETHUSD Analysis Source: Tradingview
At 77.83, the Relative Strength Index is in overbought territory. This often signals that a sideways action could occur before further upside. However, the Average Directional Index at 32.44 indicates that the current uptrend is still powerful.
Momentum signals are giving mixed messages. The MACD shows strong upward pressure, with the MACD line at 124.71 and the signal line at 70.62, but the histogram is starting to flatten, hinting that momentum may be slowing.
Ethereum’s long-term outlook is still solid, backed by strong institutional interest and growing activity on the network. However, traders should expect possible pauses or small dips before another big move. Bulls are still in control, but short-term caution is a good idea.
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