Ethereum traded at $3,667 at press time, showing renewed interest after a 4% rise in the last 24 hours and a sharp drop early in the week.
summary
- Ethereum’s open profits on Binance reached a record $8.7 billion, nearly 3.5 times the bull market in 2021.
- Despite the neutral funding rate, rising volume and leverage points indicate bullish continuing potential.
- ETH prices exceed support, breaks above $3,875 could extend profits, while drops below $3,380 could cause negative sides.
Ethereum (ETH) is still growing 46% over the past month, despite a 3.6% drop last week, showing strong momentum. The price floated between $3,380 and $3,874 last week, suggesting a recent post-profit consolidation.
ETH Binance Open Interest hits the record level
According to an August 4 analysis by Cryptoquant contributor Borisvest, Ethereum’s open interest in Binance reached an all-time high of $8.7 billion, more than three times the peak seen in the bull market in 2021. At the time, ETH was trading at a similar price, but the open interest was around $2.5 billion.
Leverage and speculative positioning have increased significantly with the current surge. However, the funding rate remains neutral, indicating that the market is still overly bullish or bearish. This leaves room for positions to grow without triggering immediate corrections.
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This quiet accumulation is also supported by the volume. ETH Spot’s trading volume rose nearly 45% on the last day to over $28 billion. Total open interest across the exchange increased to $48.26 billion, along with rising derivatives activity. Coinglas data shows. These metrics point to an increase in engagement driven not by panic or hype but by calculated positioning.
Ethereum Technical Analysis
On the technical side, Ethereum appears to be on a strong uptrend, with price action exceeding key moving averages, such as the estimated moving averages of 10, 20 and 50 days. The relative strength index is close to neutral territory, which leaves room for a big push before the market is over-acquired.
Ethereum Daily Chart. Credit: crypto.news
However, short-term indicators such as momentum and MACD show signs of mild bearishness, indicating potential slowdowns when pressure drops. The Bollinger bands are still not at a high, so if demand recovers, the value of ETH could rise even further.
In a bullish scenario, ETH breaks beyond $3,600 and above $3,875. This is aiming for perhaps $4,000, as leverage increases without taking excessive risk. The bearish move pushing ETH from $3,100 to $3,200 can occur when the momentum is low and the price falls below $3,380. For now, this trend remains unharmed and constructive in support.
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