ETH Price Breakout: Ethereum Exceeds 2,200 Dollars as Open Interest Reaches Over 8 Billion Dollars

Ethereum has achieved a market value of $2,250, a milestone not seen in over 1.5 years, according to Santiment. This surge aligns with an increase in both Ethereum open interest and long positions, indicating a growing sense of fear of missing out (FOMO) among investors.

ETH Price Breakout: Ethereum Exceeds 2,200 Dollars as Open Interest Reaches Over 8 Billion Dollars

While acknowledging the potential for further price climbs, Santiment advises traders against adopting overly greedy positions. Ethereum’s open interest has surged beyond $8 billion, based on Coinglass data, following a price rise above $2.2K. Notably, the current open interest level is the highest since November 2022.

Major contributions to open interest come from Binance, Bybit, and OKX, recording $2.56 billion, $1.56 billion, and $1.32 billion, respectively. As prices soared, traders began taking short positions.

In addition to the price surge, Ethereum’s Total Value Locked (TVL) has shown a noteworthy increase from $21 billion in October to the current $32 billion.

Amid these developments, significant whale movements have been tracked on the Ethereum blockchain. Lookonchain data reveals that a savvy trader successfully sold 2,850 ETH (valued at $6.35 million) at $2,230 within the last six hours, securing approximately $457,000 in profit.

This proficient Ethereum trader has executed 25 trades over the past year, with success in 20 of them, where the selling price exceeded the buying price. The cumulative profit from these transactions has surpassed $3 million.