• Ethereum’s open interest has surged, signaling a potential price breakout.
• CryptoQuant data shows heightened futures market activity for Ethereum.
• Coinglass reports a 6.5% rise in Ethereum’s open interest within 24 hours.

Ethereum price trajectory is attracting attention as the crypto market continues its upward trend. According to CryptoQuant data, rising open interest signals a potential price breakout. The combination of increased participation in futures trading and technical developments has placed Ethereum at a critical juncture.

Recent data highlights a notable surge in Ethereum’s open interest, hinting at a possible market shift. CryptoQuant analyst Shayan BTC has identified a growing imbalance between Ethereum’s price and open interest trends. Open interest, now at its highest level in weeks, suggests heightened activity in the futures market.

Coinglass data confirms a 6.5% rise in Ethereum’s open interest over 24 hours, with 9.71 million ETH locked in futures contracts. This rising metric reflects traders opening long positions, betting on price gains. However, Ethereum price has yet to cross its previous cycle’s high, maintaining uncertainty in market expectations.

Ethereum price is $3,275 at the time of writing, reflecting a 3.58% drop over the last 24 hours. The cryptocurrency remains down over 32% from its all-time high of $4,891.70. While optimism grows, the market must overcome key resistance levels to trigger a rally.

Despite the bullish outlook, risks remain due to the elevated open interest, making Ethereum vulnerable to liquidation events. Liquidations could lead to sharp price declines, as seen in recent market selloffs impacting ETH. The combination of increased leverage and market volatility creates an unpredictable environment.

Shayan BTC points out that Ethereum’s future hinges on breaking a key resistance level. If the resistance is cleared, a sustained rally could follow, supported by growing market participation. However, without this breakthrough, the price remains susceptible to further downside.

Earlier projections suggested Ethereum could reach $10,000, contingent on accumulation trends and potential inclusion in national reserves. While these factors build long-term bullish momentum, short-term price action remains uncertain. Market participants are closely watching resistance levels for signals of the next move.

Beyond market trends, Ethereum’s fundamentals significantly influence its price outlook. The Ethereum Foundation’s recent selloffs have sparked debate about their impact on price performance. Analysts argue that halting selloffs could provide additional price support, potentially driving Ethereum toward $6,000.
The upcoming Pectra upgrade also holds promise, focusing on improving scalability and security within the Ethereum network. Scheduled for mid-March, the upgrade is in its final development stages and could significantly influence market sentiment. Success in its implementation may offer a boost to Ethereum price trajectory.