broke out past the $2.6k resistance that the sellers defended since mid-January. The recent uptrend saw a massive uptick in the Open Interest behind Ethereum.noted large increases in the OI. For ETH, the last time the OI was at $5.4 billion was back in March 2022.underlined the bullish sentiment behind ETH on the 12-hour chart. It also noted that a retracement to the range highs at $2.6k would present a buying opportunity.
Yet, the supply distribution chart above showed that addresses holding any amount of Ethereum from 0 to 10 million have been selling over the past three months.
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