Ether traders bet on $1,600 floor as long positions climb

Ethereum bulls are planting a flag at the $1,600 mark. After Ether sank toward lows not seen since 2022, futures data shows a distinct shift as traders aggressively ramp up long positions. They aren't just looking for a bounce; they're betting that ETH will outpace Bitcoin in the next leg of this recovery. It's a high-stakes gamble on a specific price floor that has historically triggered significant buying pressure. While the broader market remains shaky, the open interest spike suggests big money believes the bottom is finally in. Ether's price action near this critical support zone will likely dictate whether the altcoin market regains its footing or slips into a deeper winter. All eyes are now on the $1,600 level to see if it holds against the macro headwinds. Can the second-largest crypto actually steal the spotlight back from Bitcoin's dominant run?