Ethereum (ETH) demonstrates significant growth, rising towards $4500 after sweeping liquidity at $4200. This rise is driven by increased demand in the spot market while futures participation remains limited.
Ethereum Rise and Technical Signals
On Wednesday, Ethereum rose by 3.5%, approaching the $4500 mark after the liquidity sweep at $4200 on Monday. This move coincided with a bullish divergence between the price and the relative strength index (RSI) on the four-hour chart, along with a breakout above a two-week falling wedge formation. These technical patterns typically indicate potential for continued upside.
Split Between Futures and Spot Activity
ETH futures data shows a split between spot and derivatives flows. Ether futures open interest did not significantly increase during the rally, indicating limited appetite from leveraged traders. In contrast, aggregated spot volumes increased with price, while funding rates stayed close to neutral, in line with their 30-day average.
Spike in Altcoin Volume on Binance
Binance recorded over $16 billion in spot altcoin trading volume on Monday, significantly exceeding activity on rival exchanges. The spike has been attributed to improved macro liquidity conditions and Binance-specific incentives. However, CryptoQuant data indicates that its net taker volume remains largely negative, indicating ongoing sell pressure despite broader enthusiasm for altcoins.
The key level for Ethereum remains at $4500. A daily close above this threshold could confirm breakout momentum and extend gains, whereas a failure to hold risks reaffirming the range-bound structure with potential targets below $4100.
