Ethereum has been the worst-performing asset compared to its direct competitors since the start of the bull market, the launch of the ETF, and a decrease in demand. Currently, the open interest stands at $9.6 billion, a 28.57% increase from $7 billion in August. However, this amount is still far from the $13 billion observed in June, reflecting the market's pessimistic sentiment.

This increase in open interest is driven by expectations of an upward rally and a subsequent rise in demand. Additionally, rate cuts by the Federal Reserve may lead to a migration towards DeFi protocols, alongside a narrative focusing on the future of tokenization on the Ethereum blockchain.

At present, Ethereum has a unified configuration between open interest and the Relative Strength Index (RSI), which is at 61. The convergence of the highest lows in the RSI suggests a potential for a less pronounced correction, estimated to be between 7% and 9%. This scenario favors long positions, with traders patiently waiting for a market rebound to confirm new highs and higher lows.