Ethereum's upside momentum is gaining traction through multiple channels. Spot market demand is climbing steadily while futures open interest rebuilds—a classic signal that traders are rotating back into leveraged positions. The really telling part? On-chain metrics are aligning with this narrative. When you see both derivatives data and network activity pointing the same direction, it typically means conviction is strengthening across the board. The recovery isn't just price action; it's backed by actual trader repositioning and fresh capital flowing into spot holdings.