While traders are focused on short-term noise, Ethereum quietly accumulates significant wins. Open interest hits a record $34.08 billion, signaling a potential bull run akin to Bitcoin's legendary 2017-2021 surge.
The Ethereum open interest surged to a record level of $34.80 billion on June 18. This increase signals an aggressive stance by derivative traders and a peak in speculative interest.
Simultaneously, institutional inflows are accelerating : Ethereum saw over $500 million in net weekly inflows last week, a significant capital influx. Furthermore, whales are accumulating ETH massively, with a peak not seen since 2018.
Together, these elements demonstrate a growing conviction among market participants, both retail and institutional, strengthening the scenario for a sustained bullish breakthrough.
According to crypto analyst TedPillows, the current trajectory of Ethereum closely resembles that of Bitcoin between 2017 and 2021 : from an 85% drop to a 350% rise, followed by a sharp 62% correction.
If history is any guide, the true parabolic phase could be imminent – once Ethereum convincingly breaks the $4,000 resistance. Based on past patterns, this could mark the beginning of Ethereum’s “real bull cycle,” with the potential for a surge similar to Bitcoin’s meteoric rise of 1,190%.
At the time of writing, ETH is trading at $2,541, well above its 50-day and 200-day EMAs, indicating a bullish structure. The RSI stands at a neutral level of 50.20, allowing for further upside without entering overheated territory.
While the MACD remains in bearish territory, signs of convergence suggest a softening of downward pressure. Although the overall outlook favours a bullish breakthrough, short-term movements may remain limited until Ethereum decisively crosses the $2,700 mark with significant volume.
If Ethereum breaks this resistance, it could rise to $5,500 and beyond in the coming months, according to the 3-day MRC, with a significant intermediate resistance at $3,500.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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