The ETHUSDT Perpetual Futures contract is currently trading at $2,679.10, marking a strong +7.41% gain in the latest 1-hour session. The mark price is nearly identical at $2,678.75, showing good market price alignment. Over the last 24 hours, Ethereum has ranged between a low of $2,414.36 and a high of $2,738.62, supported by a robust trading volume of 8.70 million ETH, translating to approximately $22.32 billion USDT in notional volume.
Technically, ETH has been on a strong bullish rally, clearly trading above all key moving averages. The 7-period MA (MA7: $2,681.95) is acting as near-term resistance, while the 25-period MA (MA25: $2,547.46) and 99-period MA (MA99: $2,495.20) are trailing well below the current price. This upward momentum started after a key reversal near $2,406.55, pushing price into breakout territory.
The RSI(6) reading is currently at 82.69, indicating that the asset is in overbought territory, which may trigger short-term profit-taking or a pullback. However, strong trend momentum could still push the price higher if supported by volume and market sentiment.
In summary, the ETHUSDT perpetual futures market is displaying a strong bullish trend. As long as Ethereum holds above the $2,600–$2,650 range, the bulls maintain control. However, due to the overbought RSI, traders should remain cautious of potential short-term corrections, especially if price fails to break above the $2,740 resistance level convincingly.