Ethereum Breaks Descending Trendline, Open Interest Hits $19.8B

Ethereum (ETH) broke out of a descending trendline that had capped it since its all-time high, with futures open interest climbing to $19.8 billion, according to BeInCrypto. ETH trades near $1,928, up 5.2% in the last 24 hours. Long liquidation dominance fell to 4%, its lowest in a year, signaling a short squeeze as 96% of liquidated positions were shorts. An ascending trendline from the 2022 bottom held near $1,600, reinforced by a demand zone and the 0.786 Fibonacci retracement at $1,754. The breakout lacks volume confirmation, with immediate resistance at $1,900–$2,000 and critical support at $1,754.