Data from CoinGlass revealed that ETH Futures Open Interest stood at $51.61 billion on 8 August (last recorded data), near record territory.
The steady uptick in OI since mid-July, alongside a price surge, hinted at a build-up of leveraged positions betting on further upside.
Source: CoinGlass
This kind of positioning often amplifies price moves, particularly when combined with strong spot demand like that seen recently in Japan and South Korea.
On top of that, broader altcoin sentiment has also improved on the back of the SEC’s softened position towards Ripple and XRP. The expected adoption in retirement investment products like the 401(k) has helped too.
Technical picture paints bullish picture
On the technical front, ETH appeared to be trading above both its 9-day and 21-day SMAs at press time – Proving the prevailing uptrend.
Moreover, the RSI hovered around 73. While this underlined the existence of strong momentum on the charts, it also hinted that the altcoin might soon tread the overbought zone.
Source: TradingView
While ETH remains roughly 12% below its global all-time high of $4,891 set in November 2021, the current momentum could cause a breakout soon.
If the bullish structure holds and price consolidates above $4,200, the next test will likely be the $4,500-resistance level before a potential run at new highs.
