Will $46B Record Open Interest Send ETH to $3OK?

Key takeaways:

• Ether’s open interest has rallied 64% since June 22 to a record high of $46 billion. 

• Analysts say ETH could reach as high as $30,000 this cycle, with the near-term target at $4,000.

Ether (ETH) price is up 6% on Wednesday, reaching $3,170 for the first time since Feb. 1. This outperformed the broader cryptocurrency market, which gained 1.8% over the last 24 hours.

Meanwhile, Ether futures’ open interest has reached its highest level ever on Wednesday, leading traders to set ambitious ETH price targets.

Ether open interest shows ETH traders are bullish

Ether futures open interest (IO) hit a record high of $46.58 billion on Wednesday, indicating increased market participation and new money flowing into ETH futures contracts.

Aggregate OI in Ether futures has increased by 64% since June 22, up 31% over the last seven days. For context, three months earlier, on April 17, Ether’s OI was $17.95 billion with price at $1,600. When Ether traded around $4,000 in December 2024, ETH futures open interest was $31.5 billion.

New all-time high levels now suggest increased demand for leveraged ETH positions and more capital entering the market.

Related: ‘99% chance’ Bitcoin dominance has peaked if Ethereum surge continues

Moreover, Ethereum network fees increased by 109% to $12.40 million over the past week, according to Nansen data. 

Higher network fees not only reflect rising demand for Ethereum, but also increase the burn rate of ETH. Since Ethereum’s built-in burn mechanism depends on network activity, higher usage means more ETH is taken out of circulation, adding tailwinds to the price.

Five-digit targets for ETH price top: Analysts

Data from Cointelegraph Markets Pro and TradingView shows ETH trading above $3,000 for the sixth consecutive day, a level the bulls are turning into potentially strong support.

As Cointelegraph reported, holding $3,000 is key to ETH’s upside potential and sets the stage for a possible rally to $18,000. 

“I’ve completely readjusted my expectations for $ETH this run to top out between $15K-$30K,” said pseudonymous trader DeFi Dad in response to Ether’s latest outperformance.

The trader added:

“I am buying and holding ETH, believing we can run at minimum to $15K-$18K (20x from its low in 2022, 5-6x from here).”

Ethereum could outperform Bitcoin in the second half of the year, reaching $6,000 before 2026, said crypto investor John K. Davies, adding:

“The said forecast is extremely conservative to be direct, and I certainly believe it could be much higher, i.e. materially above $10K by Q2 2026.”

Fellow chartist Crypto GEMs posted a side-by-side fractal that suggests Ether may follow a similar trajectory to its 2016-2017 market cycle. From April’s low of $1,400, Ether price could go on a 330% parabolic run, potentially pushing ETH to as high as $6,000.

As Cointelegraph reported, the immediate target for ETH remains $4,000 after it broke above the key resistance zone between $2,800 and $3,000. 

This aligns with Mister Crypto’s analysis who says $4,000 ETH price is all but guaranteed once bulls decisively break above $3,150.

ETHEREUM IS BREAKING ABOVE THIS MASSIVE RESISTANCE!!!

$4,000 IS IMMINENT!

WE ARE ABOUT TO GET RICH! pic.twitter.com/DKVObmyktf

— Mister Crypto (@misterrcrypto) July 16, 2025

Meanwhile, institutional demand through spot Ethereum ETFs and ETH treasury companies remains strong, suggesting bullish market sentiment.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.