According to Cointelegraph: Ethereum (ETH) is gaining momentum, with strong network fundamentals and positive market sentiment indicating a potential rally toward $4,000. Here are the key factors fueling this uptrend:1. Record-Breaking Open Interest in Ethereum FuturesEthereum has seen a substantial increase in open interest in the futures market. Data from CryptoQuant highlights a rise in open long ETH positions, with total open interest reaching an all-time high of 13.2 million ETH. This increase in futures activity indicates renewed interest and confidence in Ethereum, suggesting that major investors are preparing for higher ETH prices.“ETH finally prints us an ATH on futures OI, which shows that interest has finally returned to the boss of altcoins,” noted analyst Alan, while fellow trader Olek echoed this sentiment, observing a surge in market engagement and liquidity.2. Rising On-Chain Activity and DemandEthereum’s on-chain activity is also increasing, which typically signals stronger demand. Since Nov. 5, the daily active addresses (DAA) on the Ethereum blockchain have grown by 26%, moving from 306,751 to 388,350 as of Nov. 12. This uptick in activity suggests that more users are transacting on the Ethereum network, enhancing its utility and demand.Furthermore, data from DappRadar shows an 8% increase in active addresses across Ethereum-based decentralized applications (DApps) over the last week. Key DeFi metrics, such as total value locked and transaction volumes, are also on the rise, adding further support to ETH’s price growth potential.3. Surging Inflows to U.S. Spot Ethereum ETFsThe excitement surrounding a pro-crypto policy landscape following the recent U.S. election is boosting Ethereum investment products. Spot Ether ETFs have seen a massive inflow of funds, with Nov. 11 marking the highest single-day inflow since their launch. The Fidelity Ethereum Fund (FETH) led with $115.5 million, while the BlackRock iShares Ethereum Trust ETF (ETHA) followed closely, drawing $101 million.Overall, Ethereum ETFs saw a total of $295 million in inflows on Nov. 11, reflecting a strong institutional interest in ETH. According to CoinShares, Ethereum-focused products gained $157 million during the week ending Nov. 8, pushing the year-to-date inflows to $915 million.With these encouraging trends, Ethereum’s price appears well-positioned for a continued rally, potentially reaching the $4,000 milestone by the end of the year. By Binance News
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