Ethereum futures volume reached $104.2 billion in 24 hours, nearly 1.5x higher than Bitcoin’s $67.5 billion.
ETH open interest rose by 6%, indicating strong market participation and fresh speculative positioning in the derivatives market.
ETH/USD surged from $2,400 to $3,581, approaching the critical $3,800 resistance zone from the December 2024 swing high.
Ethereum futures have overtaken Bitcoin once again, signaling growing speculative interest in ETH. The 24-hour futures volume hit $104.2 billion, compared to Bitcoin’s $67.5 billion, marking nearly 1.5 times higher activity in ETH derivatives.
Futures Market Activity Points to Bullish ETH Sentiment
According to data from Glassnode, Ethereum futures surged past Bitcoin, with open interest (OI) climbing 6% over the same period. This combination—rising volume and open interest—indicates fresh positioning in the ETH market. Traders are entering new positions rather than closing old ones, a structure that often precedes price expansion.
Market observers note the speculative environment around Ethereum is strengthening, but not yet showing signs of overheating. As leveraged positions grow alongside strong price action, eyes are now on how ETH performs against critical resistance levels.
ETH/USD Approaches Key Supply Zone
ETH/USD on the daily timeframe has shown sharp upward movement since mid-June. The price has surged from around $2,400 to the current level of $3,581, gaining 2.93% today alone. This rally now meets a critical supply zone between $3,650 and $3,800, formed around the December 2024 highs.
This area is expected to attract aggressive sellers. Institutions that previously sold near this region may look to offload into the current strength. Early signs of pressure are visible through candlestick patterns, which are printing long upper wicks near resistance—often a signal of selling activity.
Should ETH fail to push higher from this zone, a healthy pullback could find support near $3,200–$3,300. This area may offer a bid refill opportunity before further moves. A deeper retracement could extend to the $2,600 order block if selling pressure intensifies.
Break Above $3,800 May Open Path to $4,800
If there is a confirmed close above $3,800 that breaks the current supply, we can see momentum move towards the psychological $4,000 mark. If continued bullish volume proceeds, Ethereum could retest last year’s highs near $4,600-$4,800.
For the moment, Ethereum's uptrend seems strong, but short-term resistance levels will dictate any caution. With the increased derivatives activity with strong positioning, market participants will be waiting for confirmation or rejection at these levels with any upcoming sessions.
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