Following weeks of stagnation, Ethereum has seen a significant price rebound, re-establishing its market dominance and attracting increased activity from whales. This surge was triggered by remarks suggesting a potential resolution to the US-China trade dispute, with analysts attributing this positive movement to growing DeFi adoption and institutional investments. The increase in whale activity may lead to further price swings. 2023 has seen Ethereum’s prices move up significantly following a strong rally from low levels and a record high of $4,500. Ethereum’s Open Interest surges over 12%. This surge is reflected in data from Coinglass, showing a substantial amount of positions were liquidated worth $127 million in the last 24 hours, with buyers losing about $34.2 million while sellers lost a significant $92.8 million on their short positions. The bullish momentum has also influenced Ethereum’s derivatives market, with Open Interest jumping by 12%, reaching over $21.5 billion. This signals rising investor interest and hope for the recovery rally. Additionally, funding rates for ETH perpetual futures have turned positive, from a mere 0.0018% on April 21 to a significant 0.0087%. Traders are showing increased willingness to bet on price increases, with more money flowing into the market, increasing buying pressure and potentially holding prices higher. Ethereum’s market dominance also recovered, jumping from a low of just 7%, the lowest level since September 2019, after hitting a record low on April 22, to over 7.5% by April 23. This surge was fueled by a dramatic increase in large transaction volume that soared to almost 400% and reached 4.64 million ETH. The rising open interest and positive funding rates show increased buying pressure and potentially higher prices for Ethereum. What’s Next for ETH Price?