“ETH open interest just hit levels last seen when ETH was at $4,600 in August 2025, yet price sits near $1,878 today. OI is up ~11% in a single day, a scale of positioning not seen since the last all-time high cycle.”
“the last time ETH aggregated oi was above that line was august of '25 with a price of $4,600 (oi also up ~11% today alone)”
Prices are point-in-time snapshots from the named provider. The verdict compares the return since entry against the band above.