Ethereum Targets $2,500 as Open Interest Hits Multi-Month High Amid Short Squeeze

Key Facts

1Ethereum Open Interest (OI) reached 13.43M ETH, the highest level since January 31.

2$126 million worth of leveraged positions were liquidated, including $101 million in short liquidations.

3Ether is trading above $2,100 with bulls targeting the $2,500 level.

Ethereum (ETH) is exhibiting strong bullish momentum as it trades above the $2,100 level, with market participants now eyeing a target of $2,500. This rally is supported by a significant surge in Open Interest (OI), which reached 13.43 million ETH, marking its highest level since January 31. The price action triggered a massive liquidation event totaling $126 million in leveraged positions, dominated by $101 million in short liquidations. This short squeeze, coupled with Bitcoin's climb to $74,000, has fueled renewed investor confidence across the altcoin market. Analysts suggest that the combination of record-high OI and high liquidation volume indicates strong upward conviction among buyers. As the broader crypto market recovers, Ethereum remains a focal point for traders seeking further upside potential.