Ethereum (ETH) surged by 15% in a week

Ethereum (ETH) surged by 15% in a week, crossing $3600 for the first time in five months. This coincided with a record high open interest in Ethereum futures, which reached $22 billion on November 27, marking a 23% increase compared to October.

While the increased interest in futures indicates growing investor activity, it doesn't always reflect "bullish" sentiment. Futures markets themselves balance long and short positions.

Nonetheless, the ETH price is supported by the growth of spot Ethereum ETFs: in the past 24 hours, the funds attracted $90 million, with total inflows surpassing $240 million. Experts expect that the rise in Ethereum could act as a catalyst for an altcoin rally, similar to what happened in previous "bull" markets for Bitcoin.