Ethereum (ETH) is showing positive momentum after a prolonged decline, with a weekly increase of over 38%. This trend is driving increased interest in the derivatives market.
Surge in Ethereum Derivatives Volume
Over the last week, Ethereum's derivatives trading volume increased by 33%, reaching $111.08 billion. This rise in activity reflects growing trader confidence in potential price increases. Open interest in futures also grew slightly to $28.97 billion, indicating a buildup of leveraged positions.
Whales Re-Entering Ethereum Market
Recent reports from Arkham Intelligence indicate notable Ethereum whales adjusting their positions in response to recent price changes. One whale deposited 1,900 ETH worth $4.44 million on Kraken after previously owning 76,000 ETH. Another whale, who had exited the market three months ago, has returned by purchasing ETH at significantly lower prices. This return suggests a shift in confidence among major holders in Ethereum's potential.
Current Ethereum Price Situation
The price of ETH recently broke through a key resistance level, reaching $2,545. This breakout could confirm a trend reversal. Currently, ETH is trading at $2,544, up 8.77% in the past 24 hours. The current trend may lead to prices approaching $2,950 or even $3,200, contingent on daily closes remaining above $2,545 to validate the ascending trend.
The situation surrounding Ethereum illustrates significant renewed interest from traders and large investors, which may aid in further price increases for the cryptocurrency.
