Ethereum has surged past the $2,900 resistance level, trading near $3,038 with strong volume and technical indicators signaling potential further gains toward $4,000. The breakthrough arrives amid heightened derivatives activity and growing institutional interest across crypto markets.
The second-largest cryptocurrency recorded over $32 billion in 24-hour trading volume, pushing its market capitalization to $366.76 billion. Technical analyses reinforce optimism, with the Relative Strength Index holding above 60 and upward-sloping Exponential Moving Averages confirming bullish market structure.
Derivatives markets reflect escalating trader conviction, with futures open interest climbing 6.36% to $44.56 billion. Total crypto derivatives volume jumped 117.74% to nearly $100 billion, while Ethereum options trading volume skyrocketed 170.74% to $1.53 billion.
Data from Binance reveals institutional traders exhibit strong long positions, maintaining a 2.52 long/short ratio. Market observers note striking parallels between current price action and Ethereum’s 2021 breakout pattern, which preceded a historic rally above $4,000.
The convergence of technical strength and surging derivatives engagement signals growing market confidence in Ethereum’s near-term trajectory, though volatility remains inherent to cryptocurrency markets.