ETH funding hits lowest level since 2022 as open interest slides

Traders say Ether’s declining open interest and futures funding rates could form 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. 

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