ETH taps $2.1K as crypto, macro markets rebound: Is the bottom in?

💡 DMK Insight

ETH’s recent move above $2,150 is more than just a number—it’s a potential signal of bullish sentiment. With Bitcoin and US stock markets gaining traction, ETH’s price action could indicate a broader risk-on environment. However, the real question is whether derivatives traders are aligning with this bullish momentum. If open interest in ETH futures starts to rise alongside price, it could confirm that traders are betting on further gains. On the flip side, if we see a spike in short positions, it might suggest skepticism about sustaining these levels. Keep an eye on the $2,150 resistance; a solid hold above could pave the way for a test of higher levels, while a drop back below might trigger profit-taking or stop-losses. Watch for derivatives data over the next few days—if bullish sentiment builds, it could lead to a more sustained rally. Conversely, if bearish signals emerge, be prepared for potential volatility.