ETH Surges to $2,500 Amidst Bullish Market Trends

TL;DR;

ETH reached a two-month high of $2,500, marking a 38% increase in one week. Technical analysis indicates a bullish trend, but the overbought RSI and decreasing volume suggest a potential pause or pullback. Key resistance levels are between $2,600 and $2,700, while support lies between $2,250 and $2,300. Open interest in ETH futures increased by 50% in May, reaching $31B, as traders invested in leveraged long positions after ETH surpassed $2,000. Spot trading volumes more than doubled, reaching $37.7B per day, indicating that real buyers are driving the rally. Funding rates rose from 0.005% to 0.03%, reflecting a premium paid by traders to maintain long positions.