Ethereum has surged above $3,000 after breaking critical resistance, drawing interest from traders and investors.
Technical analysis indicates that ETH needs to maintain momentum by holding above $2,800 and potentially retesting it as support.
The market sentiment, reflected in Ethereum's open interest reaching $22.6B, suggests growing leveraged positions and potential for volatility.
While the surge in open interest shows increased market participation, it also raises the risk of corrections and liquidations, indicating a possible turning point for Ethereum.