On November 26, 2019, on-chain analysis company Coinglass revealed that the Ethereum (ETH) on-chain open interest (OI) surged by 8.9% in the past 24 hours, reaching a historical high of $22 billion. The current OI is more than twice the historical high of Ethereum in November 2021.

This highlights the increasing interest of traders in the asset, and it is possible that AltCoin will be pushed to new highs in the coming days.

The bullish catalyst for supporting the surge in ETH prices, in addition to the significant pump of unclosed position contracts, Ethereum has also been supported by recent developments, such as bullish price action, the imminent resignation of Gary Gensler (SEC), political support from cryptocurrency advocate Donald Trump, and other factors.

Ethereum (ETH) Technical Analysis and upcoming levels

According to CoinPedia's Technical Analysis, Ethereum is on the verge of breaking the strong resistance at $3,500 for the first time since July 2024. However, it is currently consolidating within a narrow range of $3,290 to $3,480.

Based on the recent PA, the breakout of consolidation and the possibility of significant push of ETH pump at the resistance level.

Based on historical price action, if ETH breaks the resistance level and closes above the $3,550 daily candlestick, it is very likely to surge 15% in the next few days, reaching the level of $4,100.

Currently, the asset is trading above the 200 Exponential Moving Average (EMA) within the daily time range, indicating a pump trend. Traders and investors often use this indicator to determine whether an asset is in a pump or a downtrend.

Meanwhile, the relative strength index (RSI) of ETH is still below 70, indicating that the asset is not yet in the Overbought zone and still has room for further growth in the coming days.