The price of Ethereum is on the rise today with the largest Altcoin’s confirming a bull pennant formation and strengthening its upward potential with a record -speed open position interest.

🔑 The prominent points:

The price of ETH, 4 %in the last 24 hours, reached the peak of the last three months with $ 29 on May 29.

Open interest, increased funding rates and regular entries to Spot Ethereum ETFs support the rally.

A classic bull’s continuation formation predicts that the price may increase by 46 %to $ 4,000, as ETH reclaims a significant support.

📈 Causes of the rise in ETH price

On May 29, the ETH price exceeded $ 2,780 and reached this level for the first time since February 24th. The ETH is trading at $ 2,722 at the time of writing, which means an increase of 4 %in the last 24 hours and 50 %in the last 30 days. The daily transaction volume increased by 10 %and reached 26.5 billion dollars, which shows that investor interest has increased.

🪙 ETH open positions are at the top of all time

In addition to ETH’s price performance, Ethereum futures open positions (Open Interest - OI) broke a record as of May 29th. This shows that major investors have a position for a potential rise towards $ 3,000.

The total open position increased by 17 %in the last five days and rose to $ 37.3 billion.

Binance, Gate.io, Bybit and Bitget account 51 %of the total market, while the Chicago Commodity Exchange (CME) has a share of 8 %.

ETH continuous futures are seen in positive funding rates. This ratio rose from 0.0050%to 0.0090%. This shows that those who want to open Long position are more dominant in the market and pay to keep these positions open.

🟢 Strong entries to Spot Ethereum ETFs

Another element that supports the rise on May 29 is the increasing entrances to US -based Spot Ethereum ETFs.

In the last eight days, a net entrance of $ 394.1 million in a row was recorded.

Blackrock’s ETHA Fund has made the greatest contribution with an introduction of $ 287.6 million since May 14th.

According to Coinshares data, between 19-23 May, global ETH products were entry to $ 326.2 million.

These developments show that corporate investors’ interest in Ethereum has increased and this is a positive catalyst for the ETH price.

🚩 Taurus pennant can move ETH to $ 4,000

The upward break from the bull pennant formation seen in the daily graph can trigger a new wave of rise in the ETH/USD parity.

This formation was confirmed with the overcoming of 2,650 dollars, the upper limit of the pennant on 27 May.

The height of the pennant pole shows that ETH can reach $ 46 %with an increase of 46 %.

In addition, the relative power index (RSI) is 71, ie there is still space for upward before reaching the overcrease zone.