Ether held firm on Tuesday as the market tried to settle after a rough November shaped by derivatives resets, collapsing gas fees, and the build-up to a new US futures launch next month.
Ethereum (ETH), the second-largest crypto asset, traded near $2,920 in the afternoon.
As per Coingecko data, the price was up about +4% in the past 24 hours as traders looked for signs of stability after weeks of heavy pressure.
The latest move comes as funding rates and open interest calm down following a sharp unwind earlier in the month.
And in the background, Cboe is preparing a “perpetual-style” ether futures product set to roll out in mid-December, giving US traders another way to hedge or gain exposure.
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How Strong Is Ethereum’s On-Chain Activity After the November Dip?
The broader market struggled for most of November. Bitcoin slid to a seven-month low last week, and ether dropped alongside it.
BTC has started to edge higher again, while ETH’s rise today marks a small break after several sessions of liquidations and risk-off sentiment.
Liquidity on Ethereum improved as the market bounced back. Average L1 gas briefly slipped to about 0.085 gwei late Tuesday morning. That’s one of the lowest levels of the year, and it made on-chain activity cheaper for users.
At the same time, DEX volume hit roughly $2.04Bn in the past 24 hours.
As per DefiLlama data, the network handled around 1.5M transactions and about 464,000 active addresses. These numbers show steady participation even after the recent pullback.
CoinGlass data shows that ETH open interest is near $35.84Bn, and futures volume over the past day is around $88Bn.
Positioning has grown again, but it hasn’t moved into heavy-leverage territory. Spot volume is still lighter than futures.
One structural event to watch in December is the launch of Cboe’s new ether “Continuous Futures” on December 15.
These US-regulated contracts aim to mirror perpetual futures, with daily cash adjustments and a listed term of up to 10 years.
Cboe’s Rob Hocking said perpetual futures were “historically traded offshore,” and noted that the exchange’s new structure is meant to offer “a controlled way to gain some leveraged exposure” under a US system.
Kaiko, Cboe’s index partner, said the products fill “a real need for institutional investors” who want efficient, long-term exposure without relying on unregulated venues.
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Ethereum Price Prediction: How Soon Could Ethereum Outperform Bitcoin?
Ethereum is also drawing attention in the market. Analyst Michaël van de Poppe says the ETH/BTC pair looks “eager to break to the upside” in the coming days. His chart shows the pair holding firm above a key support zone between 0.02920 and 0.03200 BTC, a level that has served as a steady demand area for months.
