In the past week, Ethereum has performed well, reaching $3,442 yesterday, hitting a four-month high with a cumulative rise of over 31%. This rise has attracted market funds back to Ethereum. However, the funding rate has also hit an 8-month high, prompting investors to be cautious of the risk of its price correcting to below $3,200. Since Trump was elected president, the cryptocurrency market has been on the rise. Ethereum hit $3,442 yesterday, reaching a new high since July, with a rise of over 31.3% in the past week. In the past 12 hours, Ethereum has been fluctuating between $3,200 and $3,300, currently at $3,275.8, a 1.41% decrease in the past 24 hours. Ethereum's outstanding rise in the past week has brought funds back to Ethereum, and investors are closely following the risk of it falling below $3,200. During the rebound period of the past 7 days, the open interest (OI) in the Ethereum derivatives market has increased. CryptoQuant data shows that Ethereum's total OI in the derivatives market increased from 9.8 million ETH on November 5 to 13.2 million ETH on November 11, a historic high with a growth of 34.69%. Despite the high level of OI indicating greater fluctuation, many traders express optimism. Trader Alan tweeted, 'ETH finally set a new high in open interest in futures contracts, indicating renewed interest in the king of altcoins.' Trader Olek pointed out that Ethereum's rising OI indicates increased liquidity and market participation, adding, 'Especially Ethereum is signaling a comeback, the increase in activity indicates that the market is ready to act.' Source: CryptoQuant 2) Volume surpassing BTC At one point on the 10th, Ethereum's rise exceeded that of BTC, attracting more market funds towards Ethereum, with volume surpassing that of BTC. Source: @Alvin0617 tweet 3) Increased on-chain activity With Ethereum's noticeable rise, on-chain activities have also increased, with the daily active addresses (DAA) on Ethereum increasing from 306,751 on November 5 to 388,350 on November 12, a 26.6% growth. In addition, DappRadar data shows that Ethereum's on-chain Dapp volume, transaction count, and non-fungible token volume have risen by 41.18%, 11.33%, and 89.02% respectively in the past week, indicating active network activities that will support Ethereum's price. 4) Spot ETF net inflow hits a new high Ethereum's remarkable rise has also attracted TradFi funds. SoSoValue data shows that the total net inflow into EthereumSpot ETF on November 11 was $295 million, setting a new record for the largest daily net inflow, surpassing the $106 million record set on the day of EthereumSpot ETF's launch on July 23. CoinShares data also shows that in the week ending November 8, the total inflow into Ethereum-related investment products was $157 million, bringing the total inflow for the year to $915 million, with managed assets reaching $12 billion. CoinShares commented, 'This is the largest capital inflow since the launch of ETF in July this year, marking a significant improvement in market sentiment.' The high demand for Ethereum has also led to its 8-hour funding rate soaring above 0.054% (monthly 6.1%), hitting an 8-month high. Investors question whether the excessive leverage in Ethereum futures will increase the risk of its price further correcting below $3,200. However, compared to Ethereum's peak of over $4,000 in March, the funding rate reached a monthly 11%, so the current funding rate is not too excessive. Furthermore, evaluating traders' sentiment from the perspective of the Ethereum options market, the 25% Delta Skew indicator can be observed. This indicator mainly measures the demand for downside protection from market participants. When Delta Skew exceeds 6%, it indicates that arbitrage traders and market makers are charging higher fees for downside protection (put options), implying an increased concern about downside risk in the market. When the Delta Skew indicator is below -6%, it indicates a high bullish sentiment in the market. Data shows that Ethereum investors currently maintain a neutral stance, as the Delta Skew indicator has not fallen below -6%. This means that despite the recent rise in demand for Ethereum futures, this phenomenon does not represent the overall market sentiment. If the market more widely shows bullish sentiment, the 6.1% monthly funding rate may pose a risk, but the current situation does not indicate so. Related reports with an 86.7% winning rate, Whale 'laying out ETH' with 5.42 million pounds! Ethereum hits a historical high, poised for a comeback? Arthur Hayes increases the position in Ethereum! Santiment predicts: Bull market profits will return to ETH. Ethereum rises by 13% to surpass $2,800, but Whales are dumping, has ETH's short-term high point arrived? 'Ethereum funding rate soars to an 8-month high, issuing a warning? Four data points reveal the current state of ETH demand' This article was first published on BlockTempo, the most influential blockchain news media in the dynamic zone.