A record $80 billion trading volume in just 24 hours has ignited a wave of excitement around Ethereum. This surge is underscored by a staggering $291.6 billion in open interest across ETH derivatives, highlighting the dominant role of this market segment. 📈
Ethereum’s recent price action demonstrates strong buyer demand. After briefly retreating from the $4,800 region, Ethereum swiftly rebounded near $4,280, showcasing a healthy trend pattern with well-defined retracements. This rebound was accompanied by substantial spot volume, indicating robust demand fueled by both long-term accumulation and short-term speculation.
The derivatives market exhibits overwhelming bullish sentiment. Over $10 billion in open interest is attributed to Binance alone, reflecting the active participation of whales. Meanwhile, futures open interest has seen a notable increase of +1.42% within the past 24 hours, indicating a divergence but consistent ETH exposure.
Technical analysis reveals that resistance lies around $4,500-$4,800, potentially leading to a psychological breakthrough above this range and hitting $5,000. However, if selling pressure intensifies, additional support could be found near $3,620 and $3,000.
Ethereum’s market momentum is creating significant volatility. The upcoming weeks will likely witness continued price action around the crucial resistance area of $4,500-$5,000. The derivatives market positioning and open interest in this range will play a pivotal role in determining the next chapter for Ethereum’s dominance in the crypto world.