Ethereum’s Dazzling Dance: Will It Waltz to $4,200?
Key takeaways:
Oh darling, Ether’s price has pirouetted a staggering 108% to $2,880 since April 9! 💃
ETH futures open interest has hit a fabulous all-time high of $20 billion, signaling a rather bullish soirée.
Ether’s charming cup-and-handle pattern is eyeing a delightful $4,200. 🥂
Ether (ETH) has waltzed its way to a 108% gain since April 9, reaching a dazzling $2,880 for the first time since Feb. 8. Quite the overachiever, wouldn’t you say? Meanwhile, the broader cryptocurrency market merely tiptoed up by 49% during the same period.
On this fine Thursday, Ether futures open interest has reached its highest level, leaving traders in a delightful tizzy, wondering if ETH might also leap to new all-time highs. 🎉
Ether futures show ETH traders are positively giddy
ETH futures open interest (OI) (cash-margined) has hit a new all-time high of over $20 billion on Thursday, up a cheeky 155% since April 9, according to the ever-reliable Glassnode.
The Futures OI Cash Margin Perpetual metric measures the total amount of funds (in USD value) allocated in open perpetual futures contracts that are collateralized with cash. It’s like a financial cocktail party, assessing who’s in and who’s out! 🍸
Rising open interest indicates a veritable influx of new money into ETH futures contracts. How positively thrilling!
This influx suggests a growing confidence among traders and investors, often a precursor to price gains as demand strengthens. Isn’t it just delightful?
Glassnode has noted that traders are using stablecoins to gain exposure to ETH via futures contracts, reflecting a strategic shift to risk-on despite the price pullback from $2,800. How very daring!
This comes as stablecoin market capitalization reached a new all-time high at $228 billion, up 17% year-to-date. Quite the financial renaissance!
Stablecoins are booming again.
Market cap hit a record $228B, up $33B (+17%) in 2025.
Driven by rising trading activity, growing payment use, and clearer U.S. regulation under Trump.
— CryptoQuant.com (@cryptoquant_com) June 12, 2025
Ether gains on Bitcoin, oh my!
ETH price has more than doubled since April 9, outshining Bitcoin (BTC), whose price has merely risen by 44% against the US dollar over the same period. How quaint!
The ETH/BTC pair, or Ether’s value in Bitcoin, is also up nearly 50% since April 9, reaching a 14-week high of 0.02623 on Wednesday. ETH/BTC trades at around 0.02561 at the time of writing.
“$ETH continues to show strength as it’s up 50% against #Bitcoin since the low in April,” said MN Capital founder Michael van de Poppe in a Wednesday post on X. How positively optimistic!
According to the trader, the continuous strength of ETH suggests that the “bull market is finally starting.” He added:
“I think we’re fairly underestimating the potential of this entire market.”
As CryptoMoon reported, ETH/BTC’s strengthening structure could trigger a breakout in Ether’s price. How thrilling!
Ether’s cup-and-handle chart pattern eyes $4,200
The ETH/USD pair has been forming a cup-and-handle chart pattern on its daily chart time frame since Feb. 12. Quite the artistic endeavor!
The pattern will resolve when the price breaks above the pattern’s neckline, rallying as high as the length of the prior decline. The ETH/USD daily chart below illustrates that the price has broken out of the handle and is now retesting the neckline resistance at $2,800.
A decisive daily candlestick close above the neckline will clear the path toward the technical target of the prevailing chart pattern above $4,170 and beyond. How positively exhilarating!
Analyst Daan Crypto Trades has declared that the $2,800 level (coinciding with the neckline in the chart above) is “important” as it could trigger a big breakout for ETH price.
$ETH The $2.8K level is important throughout this cycle. It has sparked the biggest moves after retesting or breaking above/below it.
So keep an eye on this area and watch for high timeframe breakouts or rejections.
— Daan Crypto Trades (@DaanCrypto) June 11, 2025
As CryptoMoon reported, Ether’s breakout from a bull flag could result in 30% gains to $3,670. How positively delightful!
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2025-06-12 14:49