The world’s second-largest cryptocurrency Ethereum (ETH) has been facing selling pressure off-lately with its price heading downwards towards $3,500. The Ethereum price failed to sustain above $3,700 as bears took charge of the matter resulting in a partial pullback. However, the renewed interest in Ethereum futures points to a trend reversal very soon.
Ethereum Futures Open Interest
As per data from CoinGlass, the Ethereum futures open interest has surged to $15 billion suggesting that investors are bullish about Ethereum from here onwards. Similarly, there’s a surge in long positions observed in CME Ethereum futures.
Courtesy: CoinGlass
The funding rates metric, together with Open Interest, acts as an indicator of the level of assertiveness among buyers and sellers when placing orders. Generally, positive values in these metrics indicate a bullish sentiment and increased engagement within the perpetual market.
Taking these metrics into account, the market seems primed for another
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