Ethereum’s market value has reached $2,250 for the first time in more than a year and a half, Santiment reported. The rise coincides with an increase in both open interest and long positions on Ethereum, indicating a growing fear of missing out (FOMO) among investors.
Santiment warned traders and further noted that Ethereum price could still rise but traders should not take advantage of greedy positions.
Ethereum Open Interest Hits $8.45 Billion Mark
Source: Coinglass
Ethereum open interest rose to over $8 billion, according to data from Coinglass, following a price surge above $2.2 billion. The last time ETH open interest was observed to be higher than it is now was in November 2022.
Top open interest data was recorded on Binance, Bybit, and OKX for $2.56 billion, $1.56 billion, and $1.32 billion respectively. As the price skyrocketed, traders began taking short positions.
Additionally, Ethereum’s total value locked (TVL) can also be seen rising from $21 billion in October to $32 billion currently.
Amidst these, many whale movements could have been traced on Ethereum. According to Lookonchain data, in the last six hours, a smart trader successfully sold 2,850 $ETH (valued at $6.35 million) at $2,230, pocketing approximately $457,000.
The trader, an expert in Ethereum trading, executed 25 trades last year, achieving success in 20 of them, where the selling price exceeded the buying price. The accumulated profit from these transactions has exceeded 3 million dollars.
Also read: Binance Lists LUNC, IOTA, Other Spot Trading Pairs as Terra Classic Prices Rise
Can ETH price surpass $2,300?
Looking at the current rally, Ethereum sees a lot of green candles over the past week. From Ethereum ETF optimism to Vitalik’s take on Ethereum’s staking model overhaul, ETH has been through a lot.
At the time of this publication, the price of Ethereum (ETH) was trading at $2,223.19, reflecting a notable 3% increase over the past 24 hours and an impressive 10% increase over the past week. The 24-hour trading volume for ETH amounts to a substantial $24.4 billion, underscoring strong market activity.
As for the greed and fear index, the indicator shows a mark of 76 points, indicating a predominant feeling of greed among investors. This indicates that the current market sentiment is bullish, suggesting a prevailing risk appetite.
However, amid the bullish rally, many Ethereum whales have withdrawn their bets, leaving the short position at around $22 million dominating the current long position.
Also read: Whale Transfers 24 Million XRP Amid Price Surge, What’s Next?
