Recently, Ethereum surpassed Bitcoin in derivative trading volume, highlighting its growing dominant role in the market.
Ethereum's Leadership and Altcoin Opportunities
Ethereum has successfully surpassed Bitcoin in derivative trading volume, reaching $59.21 billion in the last 24 hours compared to Bitcoin's $56.33 billion. This event confirms Ethereum's growing dominant position in the derivatives market. According to CoinGlass data, open positions in Ethereum increased by 7.63% within a day, indicating a growing interest in buying amid rising liquidity. Meanwhile, the number of contracts in futures markets reached a seven-day high. The Altcoin Season Index from Blockchaincenter has dropped to 24, also indicating historic lows. During such periods, altcoins often begin to gain momentum within weeks.
Technical Analysis of Ethereum
On the daily chart, Ethereum's price is located below the 50, 100, and 200-day moving averages, establishing levels of support. The Relative Strength Index (RSI) stands at 57, which is far from oversold territory, providing favorable conditions for buyers to attempt new moves. Ethereum fluctuated between $2,600 and $2,700, and previous attempts to breach the $2,800 resistance level have been short-lived. Breaking through this level could open the way to the psychological barrier of $3,000. In a bullish scenario, the next resistance could be around $3,200, while in a bearish scenario, a retracement to the $2,400–$2,500 range could occur.
General Conclusions
The current market situation indicates that trading volumes must also reflect on the spot market. Movements driven solely by leverage may quickly decelerate momentum. Nonetheless, monitoring trading volumes will play a key role in confirming Ethereum's directional movement.
Ethereum continues to strengthen its position in the market, surpassing Bitcoin in derivative trading volumes. Investors are closely watching its movements and potential fluctuations in the future.
