Ethereum's price has recently surged, reclaiming the $2,1K price range, sparking expectations among market participants of the onset of a new long-term bull market. Accordingly, examining the sentiment in the futures market can offer valuable insights into Ethereum's overall prospects.

The chart of Ethereum's open interest, a measure of the number of open perpetual futures contracts on a daily basis, can be particularly insightful. Typically, higher values indicate increased volatility and potential bearish reversals, while lower values suggest a more sustainable trend. As the chart clearly illustrates, bullish market phases are often accompanied by a gradual rise in the Open Interest metric. However, if the metric reaches elevated levels, it could signal a potential major market reversal.

Presently, the open interest has been on an upward trajectory but has yet to reach values observed during the all-time highs. Consequently, while corrections are always a possibility, the futures market is still a considerable distance from overheating. The current bullish trend is likely to persist in the coming weeks, supported by moderate levels of open interest. Monitoring this metric will be essential to gauge potential shifts in market sentiment and adapt strategies accordingly.