Key takeaways:
- Ether has surged 108% since April 9, reaching a price of $2,880.
- Open interest in ETH futures has reached a record $20 billion, indicating strong bullish momentum.
- A bullish cup-and-handle pattern in Ether’s chart points to a potential move toward $4,200.
Between April 9 and June 11, Ether’s price jumped 108%, hitting $2,880 for the first time since February 8 — significantly outperforming the broader crypto market’s 49% gain over the same period.
Additionally, Ether futures open interest reached a record high on June 12, sparking speculation among traders about the potential for ETH to climb toward new all-time highs.
Ether futures indicate growing bullish sentiment among ETH traders
According to Glassnode data, cash-margined ETH futures open interest (OI) reached a new all-time high of over $20 billion on June 12 — a 155% increase since April 9.
The “Futures OI Cash Margin Perpetual” metric tracks the total USD value of open perpetual futures contracts backed by cash collateral. It serves as a gauge of market engagement and the capital at risk in these contracts.
An uptick in open interest reflects growing market participation and an influx of new capital into ETH futures.
This surge points to increasing confidence among traders and investors — often a bullish signal that precedes price gains as demand builds.
Glassnode observed that many traders are using stablecoins to gain ETH exposure through futures contracts, indicating a strategic shift toward risk-on positioning despite the recent pullback from the $2,800 level.
At the same time, the total market capitalization of stablecoins has climbed to a record $228 billion, marking a 17% increase since the start of the year.
Ether Outperforms Bitcoin
Since April 9, ETH price has more than doubled, significantly outperforming Bitcoin, which gained 44% against the U.S. dollar during the same timeframe.
The ETH/BTC pair — representing Ether’s value relative to Bitcoin — has also surged nearly 50% since April 9, hitting a 14-week high of 0.02623 on June 11. As of now, the pair is trading around 0.02561.
“$ETH continues to show strength as it’s up 50% against #Bitcoin since the low in April,” noted MN Capital founder Michael van de Poppe in a June 11 post on X.
According to him, ETH’s sustained outperformance signals that the “bull market is finally starting.” He further added:
“I think we’re fairly underestimating the potential of this entire market.”
Ether’s Cup-and-Handle Pattern Points Toward $4,200 Target
Since February 12, the ETH/USD pair has been developing a cup-and-handle pattern on the daily chart.
This bullish setup typically completes when the price breaks above the neckline, with a potential rally matching the depth of the initial decline. As shown in the daily chart, ETH has broken out of the handle and is currently retesting the neckline resistance around the $2,800 level.
A strong daily candlestick close above the neckline would open the door for a potential move toward the pattern’s technical target above $4,170 and possibly higher.
Well-known analyst Daan Crypto Trades highlighted the significance of the $2,800 level — which aligns with the neckline — noting that it could spark a major breakout in ETH’s price.
