Open Interest in Ethereum Futures Surpasses $13 Billion

Ether futures open interest reaches $13.01 billion this week, according to the Coinglass platform. Interest in the altcoin in the derivatives market is currently at its highest level since mid-March, when outstanding contracts reached a historical high of $13.21 billion.

Despite a drop to $3,471 on Monday, April 2, analysts at QCP Capital expect support to strengthen at $3,000 and do not rule out further declines in the short term.

If interest in ETH futures declines, there may be a heightened risk of a return to bearish trends. In addition, network data from Santiment indicates a gradual weakening of the ETH exchange rate, with a decrease in the number of daily transaction addresses on the ETH blockchain.

Though ether was able to recover from a 25% drop in March and was trading above $3,600 over the weekend, the recent price decline shows that traders may not be ready for another rally, and a correction may continue until the Bitcoin halving.