ETH Perp Volume Crushes BTC for First Time Since 2022 – Can BlackRock Buying Spree Push Ethereum Past $4,000?

Key Points

1. Ethereum (ETH) perpetual futures volume reached $90.82 billion, surpassing Bitcoin's (BTC) $82.93 billion, marking the largest volume skew in ETH's favor on record.

2. BlackRock acquired over $1.2 billion worth of ETH in a week, compared to $267 million in BTC, signaling strong institutional interest in Ethereum.

3. Ethereum's open interest dominance climbed to nearly 40%, its highest since April 2023, with wallets holding at least 10,000 ETH increasing by 8.00%.

4. Technical analysis indicates ETH is testing a key resistance zone at $3,859, with potential targets at $4,228 and $4,698 if it breaks above $4,000.

5. The RSI indicator on the monthly chart shows a bullish crossover, similar to the pattern before the early 2023 rally, reinforcing the potential for a breakout.