ETH Price Climbs 4%: Understanding Ethereum's Recent Gains

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Ethereum price is up today after the biggest altcoin confirmed a bull flag pattern with record open interest backing Ether’s upside potential.

Ether’s price outperforms the wider crypto market with 4% gains over the last 24 hours to hit a three-month high of $2,789 on May 29. 

ETH record open interest, rising funding rates and consistent inflows into spot Ethereum ETFs fuel the rally.

A classic bullish continuation pattern suggests a potential 46% climb toward $4,000 as ETH reclaims key support.

Ether’s price topped $2,780 on May 29 for the first time since Feb. 24. 

Ether was trading at $2,722 at the time of publication, up more than 4% in the last 24 hours and 50% over the last 30 days. Its daily trading volume has jumped 10% to $26.5 billion, suggesting increasing trader interest in the altcoin.

ETH open interest hits all-time highs
Besides ETH’s price strength, Ether futures open interest (OI) hit a record high on May 29. This suggests that large investors are positioning for a potential rally toward $3,000.


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