#Ethereum (ETH) had a sluggish start on Tuesday before posting a sharp rise to break above the $2,800 mark. The market has seen bullish sentiment driven by growing interest from institutional investors. However, the world's second-largest cryptocurrency has fallen again in the current trading session, down more than 1% to trade around $2,780. Although ETH is currently in rising territory, new data shows that ETH's open interest has surged to an all-time high, indicating an increase in speculative activity and the potential for increased volatility in ETH. Alexia Theodorou, Head of Derivatives, said:


"Earlier this week, open interest in ETH perpetual contracts reached a new all-time high of 30,000 ETH, indicating a significant increase in speculative activity around the second-largest cryptocurrency by market cap."


The surge in derivatives activity may be due to increasing inflows from institutional investors into spot Ethereum ETFs.


While funding rates remain mildly bullish, the market has yet to form a clear directional consensus, with the long-short ratio still well below its January peak.


 ETH price action was mixed over the weekend, falling slightly on Saturday before rising 0.44% on Sunday to close at $2,539. Buyers took control on Monday as prices rose nearly 3%, breaking above the 20-day EMA and $2,600 to close at $2,607. ETH fell slightly on Tuesday as buyers lost momentum, but recovered on Wednesday to reclaim $2,600 to close at $2,607. Bearish sentiment returned on Thursday as ETH plunged more than 7%, falling below the 20-day EMA to close at $2,415. Despite the bearish sentiment, ETH recovered on Friday, rising 2.63% to $2,479.

Buyers maintained control on Saturday as prices rose nearly 2%, reclaiming $2,500 and eventually closing at $2,525. However, ETH lost momentum on Sunday, falling 0.57% to $2,511.  ETH showed bullish momentum at the beginning of the week, surging nearly 7% to break through the 20-day and 200-day moving averages, eventually closing at $2,680. On Tuesday, the bullish sentiment continued as the price rose more than 5%, breaking through $2,800, and eventually closing at $2,816. On the current trading day, ETH fell 1.53% and is trading at around $2,774. If sellers continue to maintain their control, the price could fall to $2,500 or even lower.

$ETH

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