The Ethereum price has shown resilience in the face of ongoing geopolitical tensions between the US and Iran. Despite these challenges, the cryptocurrency's open interest has seen a significant recovery following the announcement of a two-week ceasefire deal.
According to Coinglass data, ETH's open interest jumped to 14 million ETH on Wednesday, marking a notable increase from its previous downtrend. This surge in derivatives exposure is accompanied by a rise in the Taker Buy Sell Ratio, indicating that long traders are dominating the perpetual derivatives market.