The Ethereum derivatives market is witnessing unprecedented growth, with open interest surpassing its previous all-time high.

In just four months, Ethereum's open interest in derivatives has surged by 40%, now exceeding $13 billion.

This surge in open interest reflects heightened engagement among both traders and institutions in Ethereum's market.

Additionally, the estimated leverage ratio for Ethereum has reached a new all-time high of +0.40, indicating increased trading activity.

Funding rates for Ethereum have turned moderately positive, suggesting that long-position traders are currently dominant and sentiment favors further price increases in the short term.

Analyst Ali predicts that Ethereum may soon outperform Bitcoin, supported by several key metrics and trends.

He notes that Ethereum could test price targets of $4,000 and $6,000, with a bullish theory suggesting a potential price target of $10,000, influenced by S&P 500 price action.

As of November 21, 2024, Ethereum's price has increased by 0.9% to $3,112, showing signs of potential upward movement.

However, market participants are advised to remain cautious of the risks associated with elevated leverage, as the dominance of long positions could lead to market corrections if volatility occurs.

Despite these positive metrics, Ethereum's price still remains 36.2% below its all-time high of $4,878 from 2021, underperforming compared to Bitcoin.