The price of Ethereum recovered at the critical support level of $3.5K, maintaining a positive trend. Although price dynamics indicate the possibility of growth, the metrics of the futures market show an alarming divergence that can affect market processes.

The open interest metric, which tracks the total number of open positions in open futures, reached a new all-time high. This indicates an unprecedented level of speculative activity in the Ethereum derivatives market.

Interestingly, this surge comes without a new high in Ethereum price. This can lead to increased volatility and significant liquidations if the price suddenly declines or consolidates.