Ethereum (ETH), the second-largest cryptocurrency, has yet to break the $3,000 price mark since early August. However, things could turn more positive for the asset.

An analyst from blockchain analytics platform CryptoQuant shared a chart showing that the continued inflow of funds into the Ethereum futures market could boost the value of the largest altcoin.

- The perpetual futures market contributes to the price movement of the digital asset. More buying activity in this market shows investor interest, which in turn pushes the asset higher.

- Over the past 30 days, the ETH funding rate shows that futures traders have been more bullish than bearish, reflecting optimism about the asset.

But there is one condition: For ETH to continue its recovery and reach higher prices, demand in the perpetual futures market must continue to increase in the coming weeks. A sustained uptrend in funding rates could fuel further price gains in the medium term.

Currently, ETH is trading around $2,600, down 16% from early August when the asset was selling for $3,100.