Key Ethereum price metrics suggest that ETH’s pause at $3,800 is temporary.
Increasing expectations of spot Ethereum ETFs being approved in the United States caused the price of Ether (ETH) to jump over 26% over the last two days to trade at highs not seen since March 15.
Since hitting $3,800, ETH price has pulled back slightly, but the possibility of a spot Ethereum ETF approval and fundamental factors and on-chain metrics suggest that the altcoins uptrend remains intact.
One factor supporting Ether’s upside is increasing open long ETH positions in the futures market. Data from on-chain market intelligence firm CryptoQuant shows Ethereum’s total open interest in the derivatives market increased from 2.8 to 3.2 million ETH in a few hours on May 20 after rumors emerged that the United States Securities and Exchange Commission (SEC) was making a U-turn on the approval of spot Ethereum ETFs. This is the highest open interest since January 2023.
