Ethereum is experiencing a resurgence in price action after a period of relative quiet. Over the past week, the digital asset has seen over 3% gains, despite a brief dip in the last 24 hours. This short-term pullback hasn’t dampened enthusiasm, as data suggests Ethereum may be setting the stage for further sustained growth. 20 billion USD worth of open interest on ETH futures points to strong market activity. A key driver behind this momentum is the rise in Ethereum futures trading, with Glassnode revealing that recent open interest has surpassed $20 Billion. This increase could reflect heightened investor participation and capital influx into the crypto space. Additionally, stablecoin activity appears significant as well as the total market value of this digital asset class has reached $228 billion, up 17% since January. Technical indicators suggest room for further price gains. Ethereum started climbing in early April after a long decline, gaining nearly 100% between 9 April and mid-May. Following that, it traded sideways for several weeks. On June 10th, it broke above the key resistance level at $2,740, then retested it on June 11th. A further rise was expected after the retest, but the price has stalled due to weakness across the broader crypto market. Holding that level is often viewed as confirmation of a new trend forming. Technical indicators also support this view: The 50-day and 100-day simple moving averages are currently sitting below Ethereum’s current price, which could be interpreted as a bullish signal. The Relative Strength Index (RSI) is currently around 62, suggesting positive price pressure without entering overbought territory, leaving room for further gains.