These Metrics Suggest Ethereum Gears up For Massive Bullish Move.

Crypto Twitter along with other metrics shows that Ethereum ether (ETH) is dead and classified as a narrowly moving token. However, the market is betting on higher ETH prices as traders pile into derivatives tied to the cryptocurrency alongside a boom in Ethereum’s blob usage.

Cumulative open interest in perpetual and standard futures contracts has surged to a record 6.32 million ETH, worth over $27 billion, registering a 17% month-to-date gain, according to data source CoinGlass. An uptick in open interest alongside a price is said to validate an uptrend, and ether’s price has surged 35% to $3,400 this month, matching the industry leader’s bitcoin’s price gain.

Weekly stochastic Indicators Signal Ethereum Bottom

According to Coingape, several market analysts have stepped up to support the world’s largest altcoin, Solana, as the chorus in the market demands that it be compared to Ethereum. The 10X Research report states that the weekly stochastic indicators for ETH indicate that the altcoin has formed a bottom.

Following a decline to below 10%, this indicator is once again indicating a change in trend. If this has occurred in the past, it indicates that the Ethereum price bottom is about to develop.

However, Ethereum’s daily trade volume shows that the altcoin is far from dead. While Bitcoin sees $21 billion in daily trade activity, Ethereum sees close to $12.2 billion. The Solana (SOL) market, in contrast, is worth $2.7 billion every day. More trading volume for Ethereum (ETH) than for Solana (SOL) indicates that demand is strong for the largest cryptocurrency in the world.

Activity in the ether options market listed on Deribit is also picking up, with over 2 million contracts active or open at press time, the highest since late June. In notional terms, the open interest stands at $7.33 billion, according to Deribit Metrics.

Data shows a bump in revenue, fees, new wallets, and on-chain volumes on Ethereum, with the past month showing elevated levels of activity compared to the period from May to September. (The metrics are nowhere close to a year-to-date peak seen in March when interest around ETH ETFs was at a high.)

US Election Impact on the Crypto Space.

President-elect Donald Trump’s victory has brought back hopes of a decentralized finance (DeFi) bull market, at least among some investors, and with it demand for ETH.

The campaign indicated a move toward reducing the regulatory burden on crypto, potentially making it easier for DeFi platforms to operate within the U.S. — a promise that has spurred growth in ETH and major DeFi tokens since early November.