With over $80 billion in trading volume over the past day, Ethereum shows mind-blowing activity you would not expect. This spike in activity is accompanied by $291,600,000,000 in open interest in ETH derivatives, showing that the derivatives market absolutely dominates.
According to the daily ETH/USDT chart, Ethereum reinforced strong buyer interest by rapidly rebounding near $4,280 after recently pulling back from the $4,800 region. Even though it is a sharp correction, it fits the pattern of a healthy uptrend in which retracements are absorbed before new legs rise.
Throughout the recovery, spot volume has remained high, which is encouraging because it shows that demand is coming from both organic accumulation and speculation. The long/short ratios on the derivatives side are still biased in favor of bulls, with almost 70% of positions being long.
Over $10,080,000,000 in ETH open interest is accounted for by Binance alone, indicating that whales are still actively positioning. Despite a minor drop in perpetual contracts, futures open interest increased by +1.42% over the past day, indicating divergent sentiment but a consistent dedication to ETH exposure.
Technically, the $4,500-$4,800 range is where the most resistance is focused. Another wave of speculative inflows could be triggered by a breakout above this range, which would lead to the psychological milestone of $5,000.
If selling picks up speed, deeper protection can be found near $3,620 and $3,000, while immediate support is located around $4,080 (20-day moving average). Ethereum might push toward $5,000 in the upcoming weeks if it maintains its momentum with sustained high volumes and leveraged participation.
The $4,500-$5,000 resistance area, open interest and derivatives positioning will most likely become keys in the market pivot for the second-largest cryptocurrency that is gaining dominance day by day.
