Ethereum outperforms Bitcoin with double-digit weekly gains and spike in Open Interest

Ethereum outperformed the largest cryptocurrency by market capitalization and yielded 16% weekly gains for traders. ETH price hit a peak of $2,931 on Monday as the altcoin rallies towards its $3,000 target. 

Additionally, the second largest cryptoasset by market capitalization has observed an increase in its Open Interest, at 5% on Monday. 

Also read: XRP price steadies above $0.56 ahead of deadline in SEC v. Ripple lawsuit

Ethereum beats Bitcoin with massive gains for holders

Ethereum and Bitcoin yielded 16% and 8.30% weekly gains for holders. ETH outperformed Bitcoin with nearly twice the weekly gains. Data from Coinglass shows that $20.06 million in short positions were liquidated in the past day while $24.15 million in Bitcoin shorts were liquidated. 

Ethereum price climbed to $2,931 on Monday, a 52-week high. The upcoming Dencun upgrade scheduled for March 2024 and the anticipation surrounding a Spot Ethereum ETF approval are among the main catalysts for ETH gains.

Ethereum price rally to $3,000 likely

Ethereum price is $2,908 on Monday. The altcoin is currently in an uptrend and close to its $3,000 target. Ethereum has support at $2,720 and the $2,500 level. 

The green bars on the Awesome Oscillator (AO) and Moving Average Convergence/ Divergence (MACD) suggest that an uptrend is in place for Ethereum price. 

ETH/USDT 1-day chart

A daily candlestick close below the $2,720 level could invalidate the bullish thesis and result in a decline to support at the $2,500 level before Ethereum price makes a recovery. Experts have predicted a rally to $4,000 prior to the likely approval of Spot Ethereum ETF.