The latest analysis of Ethereum futures open interest suggests that the cryptocurrency is poised to regain its all-time high in the medium term. According to a report by pseudonymous CryptoQuant analyst ShayanBTC, the funding rates for ETH futures have remained positive despite market consolidation in March, indicating a rising bullish sentiment in the spot market.
As ETH aims to recover the $4,000 mark, funding rates have increased, signaling aggressive long positions being taken by market participants. Additionally, ETH futures open interest has seen a significant growth, reaching $15 billion at the time of writing, a 7% increase in the last week.
The positive funding rates and growing open interest point towards a favorable outlook for Ethereum’s price trajectory, with the possibility of another significant rally in the medium term. This suggests that the bulls are regaining strength in the market, as indicated by key indicators such as the MACD line and Directional Movement Index turning bullish.
Overall, the analysis points towards a promising future for Ethereum, with the potential for it to reach its all-time high once again. Stay tuned as the market dynamics continue to evolve and shape the future of ETH.