$ETH The price of Ethereum (ETH) has strengthened again and is trading above the $3,900 level, driven by massive accumulation from the technology company SharpLink. As of this article's writing, ETH has recorded a 3.2% increase in the last 24 hours and a 61% surge in the last 30 days.

According to the latest market data, ETH is trading at $3,908 after hitting a low of $3,530 on July 24. Now, Ethereum is getting closer to the important psychological level of $4,000, supported by a surge in trading volume and increasing investor interest.

Surge in Derivative Activity

The trading volume of Ethereum in the last 24 hours soared by 47.3% to $32.95 billion. Meanwhile, open interest or total open derivative contracts rose by 7.72% to $59.94 billion, and daily derivative volume skyrocketed by 61.44% to $89.16 billion. These figures reflect market expectations for high volatility to come.

Additionally, the total Ethereum futures contracts across the network have surpassed $60 billion, setting a new all-time high. This surge coincided with the accumulation of ETH from large institutions.#cryptouniverseofficial #