Ethereum Open Interest Surges by $2 Billion Amid US-Iran Ceasefire

Ethereum's open interest jumped significantly following the US-Iran ceasefire announcement, with CryptoQuant data indicating that both Bitcoin and Ethereum saw their open interest rise by more than $2 billion in a single 24-hour window.

The derivatives market is betting on a price increase to $3,000, which would be a significant milestone for Ethereum. The cup and handle formation on the weekly chart suggests that Ethereum may reach this target soon.