Ethereum’s Open Interest Rises 110% While Price Stagnates 20% Below Highs

Crypto analyst Adam (@abetrade) asserts that Ethereum is “the most cursed coin in existence,” despite a rise in market interest. He highlights the following points:

Ethereum's open interest has increased by 110% since August.
The price remains 20% below its 2024 highs.
This gap indicates a divergence between trader enthusiasm and stagnant prices, likely due to selling pressure from the spot market.
He critiques Ethereum supporters as "delusional" for increasing their holdings during price dips.
Two potential scenarios for Ethereum's medium-term trajectory are outlined: a liquidation event below $3,000 or a buy opportunity around $2,700.
Technical analyst Ali (@ali_charts) supports this sentiment, predicting a correction in the $2,700 to $2,800 range before a significant rebound.
Ali suggests that dips could lead to a rally towards $6,000 if an ascending parallel channel pattern holds.

Currently, ETH trades at $3,082.