Ethereum is witnessing bullish momentum as it approaches a crucial resistance level at $2,650. This movement has led analysts to predict a possible "most hated rally" to $6,000, despite skepticism from some sectors.
The open interest for Ethereum futures has recently reached an all-time high, indicating increasing participation and anticipation in the market. This heightened interest suggests that traders are making significant bets on Ether's potential price movements.
Additionally, technical patterns such as the inverted head and shoulders are forming on Ethereum's price chart, contributing to the bullish sentiment.
The cryptocurrency market is also reacting to the recent launch of Australian spot Ethereum ETFs, which may further drive investor interest in Ethereum as a long-term asset. Overall, Ethereum is poised for significant price action in the coming months.
