Ethereum derivative prices have skyrocketed, even surpassing Bitcoin.
Ethereum's open interest in the derivatives market has increased by 8.03% in the past 24 hours as of the time of writing – a stark contrast to Bitcoin's decline of 2.24%.
The trading volume of ETH is also at the top, with a trading volume of $109.77 billion during the same period, a significant increase of 34.16%. Meanwhile, BTC's trading volume decreased by 28.16%, to $81.01 billion.
Although Ethereum has a smaller market capitalization and lower total open positions compared to Bitcoin, the continuously rising funding rates and significantly higher liquidation rates indicate that traders are flocking to Ethereum.
Bullish signals strengthen
Ethereum's technical indicators are preparing for a potential breakout. As of the time of writing, the RSI is at 64.06, close to the overbought territory, indicating that buying pressure is increasing.
Meanwhile, the MACD has turned bullish, and the signal line is poised to cross upwards, suggesting a continued upward momentum.
Previously, ETH surged significantly after the Pectra upgrade on May 7, reigniting investor confidence in Ethereum's scalability and efficiency.
Now, the market is anticipating the approval of a spot Ethereum ETF, including staking – this could be a game changer.
As REX Shares and others submit applications using regulatory loopholes, analysts believe this product could launch in a few weeks, adding another strong impetus for ETH's rise.
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