Ethereum Surges 11.7% to Three-Week High, Driven by Rising Futures Open Interest

PANews, September 21 - According to a report by Cointelegraph, Ethereum's price jumped 11.7% between September 17 and 19, reaching a three-week high of $2,572. This price surge aligns with the increase in Ethereum futures open interest, reflecting the total number of contracts on derivatives exchanges.

Ethereum futures open interest surged to 4.66 million ETH on September 19, its highest level since January 2023, indicating strong demand for leveraged positions. Consequently, traders have begun to express concerns that heightened leverage could amplify potential price fluctuations.

The recent ETH price increase echoes the broader cryptocurrency market's 8.3% rise, fueled by US interest rate cuts and robust labor market data. This momentum also propelled the S&P 500 index to a new all-time high on September 19. Lower interest rates reduce the cost for companies to issue new debt, alleviating fears of a potential stock market correction.