Ethereum’s price has decreased by 11% in the past month. However, bullish trends and a surge in open interest signal a potential recovery toward 4,000 USD.
With open interest for ETH futures reaching a record high of 9 million contracts, it reflects increased demand from traders seeking leverage, yet rising open interest does not always mean higher prices.
Positive market sentiment is bolstered by macroeconomic factors, including favorable inflation data and Federal Reserve projections for interest rate cuts, enhancing investor confidence in ETH.