Ethereum has recently achieved a significant historical result by surpassing Bitcoin in derivatives trading volume. This event may have serious implications for the crypto market.
Historic Record for Ethereum
Ethereum recorded a derivatives volume of $59.21 billion over 24 hours, which is $2.88 billion more than Bitcoin's volume of $56.33 billion. This event is significant and may indicate a shift in market focus.
Current Market Analysis
Ethereum is consolidating above key moving averages on the daily chart. The 50, 100, and 200-day moving averages are positioned below the price action, providing layered support. The Relative Strength Index (RSI) remains in the neutral-to-bullish zone, most recently recording a value of 57. The situation is different from previous breakout attempts, as open interest has increased by 7.63%, indicating new liquidity influx.
Possible Scenarios for Ethereum and Altcoins
While the market is still in 'Bitcoin Season', Ethereum's early volume dominance may signal a potential rally for altcoins. If Ethereum can break the $2,800 resistance, further growth towards the psychological $3,000 mark is possible. However, realism is crucial, as existing resistance levels could lead to a return to the $2,400-$2,500 range.
Ethereum has taken center stage in the market, and its future will depend on the sustainability of volumes and Bitcoin's ability to regain dominance. This may signal the beginning of a structural change in the crypto market.
