Ethereum's recent correction to the $3,000 level has led to a cooling-off period in the futures market, sparking optimism for a potential bullish rebound. The funding rates metric, a reliable indicator of futures market sentiment, provides valuable insights into this situation.

Ethereum's consolidation above the critical $3,000 support level has allowed bullish traders to re-enter the market. This renewed demand is evident in the rise of funding rates, indicating an increase in long positions. Such behavior reflects growing confidence among market participants who anticipate a trend reversal.

The recent surge in funding rates suggests an influx of buyers, which, if maintained, could drive a significant bullish rebound. This buying pressure may propel Ethereum toward the crucial $4,000 resistance in the short to mid-term.