Ethereum Holds Above $2,900 Amid Rising Volume and Momentum, Suggesting Possible $4,000 Target

Key Points

1. Ethereum's price broke above $2,900, trading at approximately $3,038, with a 24-hour trading volume exceeding $32 billion and a market cap of $366.76 billion.

2. Technical indicators like the RSI (above 60) and upward-sloping EMAs reinforce the bullish outlook.

3. Ethereum derivatives activity surged, with futures open interest rising 6.36% to $44.56 billion and total derivatives volume up 117.74% to nearly $100 billion.

4. Options trading saw a 170.74% increase to $1.53 billion, reflecting growing institutional engagement, with Binance’s top traders showing a strong long bias (2.52 long/short ratio).

5. The price action resembles Ethereum’s 2021 breakout pattern, which preceded a surge past $4,000, suggesting potential for a similar rally.