Ethereum (ETH) is making waves, breaking through the $4,900 all-time high and setting the stage for a potential surge towards $15,000 by the end of the year. This ascent comes despite September historically being a drag on the crypto market, with data showing an average 6.42% drawdown in past cycles.

Ethereum futures are showing a significant spike in Open Interest (OI) reaching $71 billion, signaling a substantial influx of leverage. In August, ETH saw a 30% monthly rally, bouncing from a $3,900 base to a new high of $4,953. However, this was followed by a short-term 4% pullback, leading to the liquidation of $130 million in long positions, while futures OI surged to $70 billion, highlighting the extent of leverage.

These liquidations, which appear more like resets than reversals, reflect ETH's weekly strength, underpinned by solid spot accumulation and ETF inflows. The 6.8% weekly jump to the ATH was powered by a strong bid-side wall, keeping the uptrend intact.

Key Indicators

This movement indicates a strong bullish trend for Ethereum, driven by asset accumulation and ETF inflows.
Futures Open Interest has reached $71 billion, signaling a significant increase in leverage and anticipation of major price moves.

Regional Perspective

While September often brings a downturn in the crypto market, Ethereum has shown structural resilience, suggesting seasonal fluctuations may not be as impactful this year. This record-breaking high presents a global opportunity to capitalize on the bullish momentum.

Immediate Implications

If ETH breaks the $5,000 level, approximately $2.2 billion in short positions are at risk, potentially accelerating the upward momentum.
Capitalizing on this momentum requires close monitoring of leverage levels and maintaining key support levels, especially around $4,000.

Analysis

This surge underscores Ethereum's structural strength, with robust bid-side walls supporting the uptrend. With excess leverage being cleared out, the $15,000 target by year-end appears achievable, potentially delivering an average of around 50% monthly ROI. Investors should monitor liquidation levels and immediate inflows to determine optimal entry and exit timing.