Ethereum (ETH) has hit its highest price since February, surging to $2,789 on May 29 amid record futures open interest, rising funding rates, and increasing ETF inflows. Over the last 24 hours, ETH climbed 4%, extending its 30-day gain to nearly 50%.
- ETH hits three-month high amid bullish momentum.
- Futures open interest and funding rates point to aggressive long positions.
- Spot Ethereum ETFs record $394M in net inflows in the past week.
Futures Data Reflects Bullish Market Sentiment
Open interest in ETH futures hit a new record at $37.3 billion, signaling strong positioning by institutional investors. Binance, Bybit, Gate.io, and Bitget hold over half the market share, while CME controls 8% of ETH OI.
Funding rates for perpetual futures also rose, showing that long traders are willing to pay premiums to maintain their positions — a clear bullish signal.
ETF Inflows Signal Institutional Appetite
Net inflows into U.S.-listed spot Ethereum ETFs totaled $394.1 million over eight days. BlackRock’s ETHA fund alone brought in $287.6 million, according to SoSoValue data. CoinShares also reported global ETH inflows of $326.2 million between May 19 and May 23.
Technical Outlook Projects $4,000 Target
ETH/USD recently broke above a bull flag formation, with a confirmed breakout above $2,650 on May 27. This pattern signals a potential continuation toward $4,000, reflecting a 46% upside.
The RSI remains in bullish territory at 71, suggesting further room to climb before reaching overbought levels.
Disclaimer: This article is for educational purposes only and does not constitute financial advice.
