Ethereum Targets $5,800 as Open Interest Hits New High

Ethereum eyes a 54% rally toward $5,871 as open interest hits 7.1M, signaling strong trader confidence and growing market momentum.

A breakout from a multi-year downtrend in early 2023 laid the groundwork for Ethereum’s bullish structure and recovery into 2025.

Consistent higher highs since 2023 and record open interest indicate Ethereum’s uptrend is gaining strength ahead of key resistance tests.

Ethereum (ETH) is eyeing a breakout as open interest surges to record levels. The crypto market is with high anticipation as ETH trades at $3,800 in late May 2025. This renewed momentum follows a strong reversal from sub-$2,000 levels earlier in the year. Analyst javon marks forecast a potential rally toward $5,871.71, marking a 54% upside. Even more aggressively, he targets $8,552.78—suggesting a new phase of price discovery.

Source: Javon Marks

In addition to price fluctuations, Ethereum's open interest has risen to 7.1 million, its highest level ever. This indicator of increased trader activity shows how many futures contracts are active. In the past, price and open interest have changed together. As a result, the recent spike points to rising market activity and investor confidence.

A Bullish Breakout from a Long-Term Structure

Ethereum’s recovery traces back to a key breakout in early 2023. Back then, it broke above a descending trendline that started in late 2021. This breakout ended a prolonged bear cycle, ushering in a steady shift to bullish structure. From mid-2023 through early 2024, Ethereum traded sideways, forming a solid base between $1,000 and $2,000.

That base was a zone of accumulation. When the market finally exploded once more, ETH crossed the $4,000 level in the middle of 2024. But there was a quick correction because of opposition close to that level, which produced a double top. Early in 2025, Ethereum’s value dropped below $2,000. Bulls swiftly took back control, though, and ETH started to soar once more.

Momentum Builds as Participation Increases

Moreover, the rise in open interest adds weight to this bullish reversal. Analyst CrytoGoos is betting big, expecting price action. This renewed confidence could support a break above the $4,811.71 resistance level soon.

Source: CryptoGoos

Additionally, the chart structure confirms a series of higher highs and higher lows since 2023. This price behavior strongly signals bullish intent. Volume data isn't visible, but price action alone paints a clear picture of recovery and strength.

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