thecoinrepublic.com
$930-million Ethereum options expiry on April 30.
•The open interest on Ether futures to reach $8.2 billion.
•Ethereum smart contracts rose to a record high of $54.2 billion.
In the last few weeks, Ethereum has been through a lot. The token price swung between the range of $2000 and its all-time high of $2650.
New All-time High Maybe Ahead for Ethereum
However, the recent 20% crash on ETH’s price on April 17 has reduced the tendency of the investors to buy more tokens. As per CoinTelegraph, liquidation amounting to $1 billion on long futures contracts were caused due to the crash. The ETH bulls have an upper hand of $115 million ahead of the $930-million Ethereum options expiry on April 30. However, analysts suggest that ETH may be on its way to experience a new all-time high.
ETH Gains on Future Contracts Just 5% Below the April Record High
Currently, ETH is trading at $2,764 and is up by almost 6% in the last 24 hours. As per the data by TradingView, ETH’s 28% gain in the previous two days has resulted in the open interest on Ether futures reaching $8.2 billion. The gains are just below by 5% than the April 15 all-time high records. Back on March 25, a similar gain of almost 45% was visible soon after the contracts expired. The most recent hike in ETH’s value is credited to the CEO of PayPal, who told that the crypto demand is currently multiple times more than anticipated.
In addition, the net value locked in Ethereum smart contracts rose to a record high of $54.2 billion while UniSwap, Compound, and Maker still head the list. The 154% increase in the net value of Ether contracts co-occurred with the Ether fees per transaction was $8. It is expected that any expiry above the $2200 range would be really beneficial for the ETH bulls who already have a lead of $115 million from the open interests.