ETH open interest falls to 3-year low: What does it mean for Ether price?

Traders say Ether’s declining open interest and futures funding rates could set the groundwork for a significant short squeeze on bearish leveraged positions and a rally to $2,500.

Ether (ETH) traded back above $2,000 on Friday, and its gains extended after the US Consumer Price Index (CPI) print came in cooler than expected.

The recovery put ETH/USD on track for its first bullish weekly candle close since mid-January, fueling speculation for a rally toward $2,500. 

Key takeaways:

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