Ethereum Price Hits 2-Year High as ETH Futures Open Interest Tops $1.5B

Today the price of Ethereum's Ether hit a two-year high according to data from crypto trading terminal Crryptowatch.

Despite the breakout to $445, open interest on ETH futures remains steady at a new record high of $1.5 billion.

The record high open interest on ETH futures hints that traders remain bullish and further gains could be seen over the coming days.

On Aug 11, Santiment reported that Ether fees reached an all-time high in both ETH and USD terms.

Since users have to purchase ETH to pay fees to miners, it could have acted as a catalyst for the rally.

"ETH open interest is still absolutely massive. So that means... That... We haven't even seen 'the' big move yet?".

For Ether the open interest has climbed to over $1.5 billion, according to data from Skew.

Huobi and OKEx alone have $761 million worth of ETH futures contracts currently open.

"Ethereum breaks up to a new 2-year high of $444. ETH is up 87% in the last 25-days, nearly 400% since its March low and 235% year-to-date."

In the medium-term, traders expect the altcoin to test higher resistance levels, especially if the Ethereum blockchain continues to see high user activity with sentiment driven by ETH 2.0.