Ethereum is currently at a significant support level of $3000. Recent trends indicate a potential recovery in open interest, which may suggest a price rebound is on the horizon.

Analysts have noted that the increase in open interest reflects active purchasing by market participants who are optimistic about future price increases. This trend could lead to a strong likelihood of a rebound at the support level, driven by ongoing demand.

However, it is important to consider the potential risks. If the recovery in open interest loses momentum or begins to decline, it could result in a more substantial price correction for the cryptocurrency.

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