With more than $80 billion in trading volumes per day, Ethereum shows you an astonishing activity you don’t expect. This surge in activity comes with $291,600,000,000,000, with open interest in ETH derivatives, indicating that the derivatives market is absolutely dominant.
Ethereum’s strong interest
According to the Daily Eth/USDT chart, Ethereum has strengthened strong buyer interest by rapidly rebounding nearly $4,280 after being recently pulled back from the $4,800 region. It’s a sharp correction, but fits healthy uptrend patterns where the retrace is absorbed before the new legs rise.
Throughout the recovery, the spot volume remained high. This is encouraging as it shows that demand is being brought from both organic accumulation and speculation. The long/short ratio on the derivative side is biased in favor of bulls, with almost 70% of the position being longer.
More than $10,080,000,000 for ETH Open International has been described in Binance alone, indicating that whales are still actively positioned. Despite a small decline in permanent contracts, open interest on futures has increased by +1.42% over the past day, indicating different sentiments, but showing consistent dedication to ETH exposure.
Active resistance
Technically, the $4,500 to $4,800 range is where the most focus is on resistance. Another wave of speculative influx could be caused by breakouts above this range, which would lead to a $5,000 psychological milestone.
As pickup sales speed up, deeper protection is near $3,620 and $3,000, while immediate support is located at around $4,080 (20-day moving average). Ethereum could push towards $5,000 in the coming weeks if it maintains momentum with sustained massive participation and leveraged participation.
A $4,500-$5,000 resistance area, open interest and derivative placement are likely to be key to the market pivot of the second largest cryptocurrency that has gained a daily advantage.
