Ethereum's price has surged by 6.6% in the past 24 hours, climbing from $2447 to $2624. Concurrently, Open Interest in Ethereum has experienced a significant increase of 16.2%, rising from $8.4 billion to $9.7 billion.

Open Interest encompasses both long and short positions, which are susceptible to liquidation. Given the relatively high funding rates, it is likely that a majority of these positions are long.

Such dynamics often result in illiquid and volatile market conditions. Conservative traders may consider reducing leverage, while those inclined towards high-risk, high-reward trades should prepare for potential market turbulence.