Open Interest Returns to December Highs as Price Reaches $2,580

TLDR

• Ethereum’s price found support at $2,460 and rallied over 5% recently
• Open interest in ETH options has returned to December highs despite low volatility
• Retail traders target $3,000 while institutions eye $3,500 by June
• Amberdata shows only a 12% chance of ETH exceeding $5,000 by December 2025
• ETH is trading near $2,580 with resistance at $2,720

Ethereum has been showing signs of life recently as its price found strong support and began an upward trajectory. The second-largest cryptocurrency by market cap is currently trading around $2,580, having rallied more than 5% after finding support at the $2,460 level.

The price movement comes as traders return to the Ethereum options market with mixed expectations about future price targets. According to data from Amberdata, there’s renewed interest in Ethereum derivatives despite persistent low volatility in the market.

Greg Magadini, director of derivatives at Amberdata, noted that “we’re finally seeing a return towards appetite for options, but volatility remains inexpensive.” This suggests that while traders are becoming more active, they aren’t expecting dramatic price swings in the near term.

The current market sentiment reflects a split between retail and institutional expectations. Retail traders appear to be targeting the $3,000 level by the end of the month, while institutions have set their sights slightly higher at $3,500 by the end of June.

However, the options market is pricing in relatively conservative targets overall. Amberdata reports only a 12% probability of Ethereum exceeding $5,000 by December 2025, highlighting the cautious outlook among traders.

Technical Analysis

On the technical front, Ethereum has formed a new bullish trend line with support near $2,575 on the hourly chart. The price is currently trading close to the 100-hourly Simple Moving Average, which serves as an important technical indicator.

Resistance levels are established at $2,680 and $2,720, with major resistance at $2,750. If Ethereum can break above these levels, it could potentially target the $2,800 mark or even reach $2,880 to $2,920 in the near term.

On the downside, initial support is near $2,620, with stronger support at $2,580. If these levels fail to hold, Ethereum could test lower support zones at $2,520, $2,460, and potentially $2,420.

The hourly MACD (Moving Average Convergence Divergence) indicator shows momentum fading in the bullish zone, while the RSI (Relative Strength Index) remains above the 50 level, indicating moderate bullish sentiment.

Market Context

Ethereum’s recent price movement is particularly noteworthy as it has outperformed Bitcoin during this period. While Bitcoin has been taking a breather, Ethereum managed to recover above several key resistance levels, including $2,550 and $2,620.

Open interest in Ethereum derivatives has returned to levels last seen in December, when market sentiment was highly optimistic. According to data from CoinGlass, open interest for Ethereum derivatives stands at approximately $35 billion, representing an increase of 8.8%.

The OI-weighted funding rate for ETH remains positive, suggesting that long positions are still dominant in the market. This indicates that traders are positioning themselves for potential upside despite their somewhat subdued price expectations.

Ethereum has gained roughly 4% over the past week, reaching around $2,647 according to CoinGecko data. The cryptocurrency briefly touched $2,711 before experiencing a slight downward correction.

The options contracts provide traders with defined risk parameters: buyers can only lose the premium paid, while sellers collect premiums upfront. This structure allows participants to establish positions with known risk-reward profiles.

Ethereum’s price action occurs against the backdrop of the Bitcoin Conference in Las Vegas this week, which has drawn attention to the broader cryptocurrency market. Previous iterations of such high-profile events have coincided with notable market movements.

Ethereum is now trading at approximately $2,580, having recently reached as high as $2,711 before undergoing a minor correction.