Ethereum has underperformed compared to its direct competitors since the start of the bull market, the launch of the ETF, and a decrease in demand. Despite this, there are signs of optimism in the market.

Open interest currently stands at $9.6 billion, a 28.57% increase from $7 billion in August, though still below the $13 billion observed in June. This rise in open interest is driven by expectations of an upward rally and increased demand. Additionally, potential rate cuts by the Federal Reserve could lead to a migration towards DeFi protocols and a focus on tokenization on the Ethereum blockchain.

The Relative Strength Index (RSI) for Ethereum is at 61, indicating that short corrections may bring the price, leverage, and RSI back into balance. The convergence of the highest lows in the RSI suggests a potential for a less pronounced correction, estimated between 7% and 9%. This scenario favors long positions, with traders awaiting a market rebound to confirm new highs and higher lows.