Over the past day, Ethereum demonstrated activity with a trading volume exceeding $80 billion and substantial open interest in derivatives.
Strong Interest in Ethereum
The rapid price rebound near $4,280 on the daily ETH/USDT chart signals strong buyer interest in Ethereum. This corrective move aligns with a healthy uptrend where pullbacks are absorbed before new growth phases. Spot trading volumes remain high, indicating both organic accumulation and speculative interest. Long positions in derivatives are primarily bullish, with nearly 70% of positions being long.
Technical Resistance Levels
Resistance is focused in the $4,500-$4,800 range. A breakout above this level could trigger another wave of speculative inflows, potentially pushing prices towards the psychological milestone of $5,000. If sell-offs increase, deeper support levels can be found around $3,620 and $3,000, with immediate support at $4,080 (20-day moving average).
Future Prospects for Ethereum
If Ethereum maintains its current momentum with sustained high volumes and leveraged participation, it may approach $5,000 in the coming weeks. The $4,500-$5,000 resistance area, open interest, and derivatives positioning will likely be key factors in the market pivot for the second-largest cryptocurrency that is gaining dominance day by day.
The current activity in the Ethereum market highlights its attractiveness to traders and investors, as evidenced by the high trading volumes and open interest in derivatives.
