The derivatives market for Ethereum is showing bullish momentum, as futures open interest has reached an all-time high of $20.8 billion. This is coupled with a 7% price increase in the last 24 hours, bringing Ethereum's value to $3,365. Analysts attribute the growth in open interest to a growing sentiment of bullishness among derivatives traders. The Ethereum OI-weighted futures funding rate has also reached all-time highs, indicating the dominance of long traders. However, there are warnings about the risks associated with high leverage and the dominance of long positions, as sudden price swings could trigger liquidations and market corrections.



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