Ethereum has experienced a strong surge in August, reaching close to $5,000 before encountering resistance and retracing slightly. Currently, ETH trades around $4,648, with traders watching for any further momentum or market pause. Recent shifts in open interest, long positions, and overall volume offer insights into Ethereum’s future trajectory. 24-hour price activity reveals a cooling of open interest after an impressive upward trend, suggesting traders are locking in profits or adjusting their positions. While this suggests a short-term correction is likely, the net short positions have been climbing, indicating increased bearish bets at current prices. This combination points towards a possible pullback, but it could also create a strong reversal scenario if shorts get caught off guard and need to cover. 24-48 hours ahead of us might see Ethereum trade between $4,500 and $4,400 before possibly rebounding, fueled by sustained volume and potentially triggering the market to test $4,800-$5,000. While this price action may not be as prominent as Bitcoin’s movements, Ethereum is strategically poised at a critical turning point. If support holds, Ethereum could attempt another surge past $5,000; however, short-term traders should anticipate more volatility in the coming days.