Ethereum price today: $2,150

• Ethereum has reclaimed $2,100 as its open interest rose to 13.43M ETH following improved sentiment across risk assets.
• ETH’s average onchain cost basis could stall further price gains as investors may distribute after breaking even.
• ETH could test the 50-day EMA if it sees a daily close above $2,108.

Ethereum (ETH) has jumped above $2,100 on Wednesday, following a general recovery across the crypto market.

The move was accompanied by a spike in Ethereum’s open interest (OI), which has increased to 13.43M ETH — its highest level since January 31. The top altcoin’s OI has been rising since February 19, adding 1.2M ETH over the past two weeks. The growth comes amid $152 million in Ethereum liquidations over the past 24 hours, dominated by $129 million in short liquidations, according to Coinglass data.