Ethereum has broken beyond the $2,900 level during the past day, but data shows the futures market may be starting to become overheated.
Ethereum Has Now Broken Through The $2,900 Level
While Bitcoin has slumped to an overall sideways trajectory recently, Ethereum appears to have decided to pick a path of its own, as the second largest asset in the sector has surged almost 4% over the past 24 hours.
During this latest jump, Ethereum has touched the $2,900 mark for the first time since the start of May 2022. The below chart shows how the coin has performed over the last few days.
Following this rise, Ethereum investors would now be enjoying profits of more than 16% over the past week. In the same period, Bitcoin has only put together returns of about 8%.
While ETH’s decoupling may be an optimistic sign for the asset, a pattern seems to be emerging that could prove to be a worrying sign.
ETH Open Interest Has Observed A Sharp Increase Recently
As explained by an analyst in a CryptoQua
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