The chart shows the dynamics of perpetual contracts ETH/USDT:

Open interest (OI) and volume for the period from 11.11.2024 to 21.04.2025.

What is visible:

Open interest (blue line) - steadily increasing, especially from the middle of the period.

The latest peak - above 2.1M ETH, indicating an increase in the number of open positions.

Volume (orange bars) - also increasing, especially in recent weeks, indicating a rise in trading activity.

Interpretation:

Increase in open interest + increase in volume - this is a strong trend signal:

It shows that new participants are entering the market, and positions are being held.

There is increased confidence in the current trend, and further volatility is possible.

If this is accompanied by an increase in the price of ETH - it confirms the bullish momentum.

If the price stagnates while OI increases - a consolidation phase may occur before a sharp movement.

Conclusion:

ETH/USDT shows signs of active interest from traders.

High OI + volume = readiness for strong movement.