Ethereum started the week trading just above $2,500 after losing about 1.5% the previous week. The cryptocurrency is now approaching a key resistance level at $2,550, with technical indicators pointing to continued bullish momentum in the market.
Futures activity surges, spot flows mixed
Bitcoin remains stable above its major daily moving averages, while Ethereum shows signs of growing bullish activity. Data from CoinGlass shows that Ethereum futures trading volume soared to $36.45 billion over a 24-hour period, a jump of 74% and significantly higher than the $2.48 billion spot volume recorded in the same span.
Open interest in Ethereum futures now sits at $32.86 billion, reflecting the value of outstanding contracts yet to be closed. This sustained capital commitment indicates active participation among traders, although it does not reveal the ultimate direction of market sentiment.
The current long-to-short ratio stands at 1.019, capturing a slight tilt toward long positions. A positive funding rate of 0.0070% adds to the bullish case, showing that those betting on price increases are currently paying to maintain their positions. Meanwhile, rising futures volumes and these technical signals suggest that buyers are maintaining their presence in Ethereum’s derivatives market.
The large gap between futures and spot volume, coupled with a positive funding rate, reflects underlying optimism among derivatives traders, even as the spot market shows more moderate activity.
Spot Ethereum ETFs ended the previous week strongly, marked by a $216.40 million inflow on Friday. The funds attracted further inflows during the week, including $34.70 million on Wednesday, bringing the total weekly net inflow to $196.90 million. However, outflows of $24.30 million and $29.90 million were recorded on Tuesday and Thursday respectively, underscoring ongoing volatility in investor flows. Sustained demand for these spot ETFs could be essential for supporting a larger move higher in Ethereum’s price.
Key technical levels and Wall Street shifts
Ethereum traded at around $2,511 on Monday, staying within reach of the important $2,550 resistance. Technical analysis shows that ETH remains above its 50-day exponential moving average (EMA) of $2,264, its 200-day EMA at $2,203, and its 100-day EMA at $2,146. This clustering of moving averages below the current price range indicates persistent buying support.
The Relative Strength Index (RSI) is near 60, indicating strengthening bullish momentum but not yet approaching levels usually associated with overheated markets. On the other hand, the MACD remains in negative territory, suggesting that further confirmation is required for a more decisive bullish outlook.
A move above $2,550 could open the way for Ethereum to target the $3,000 psychological barrier. If ETH faces rejection at resistance, initial support is expected near the 50-day EMA at $2,264, with further buying interest likely at the 200-day EMA ($2,203) and 100-day EMA ($2,146). A breakdown below these averages could raise the risk of a reversal toward $2,000, with only a sustained drop under $1,385 expected to drastically alter Ethereum’s longer-term bullish structure.
The market’s recent shift toward tokenization and instant market access is accelerating as ETH approaches these technical milestones. While traditional trading often involves multiple intermediaries, a growing number of investors are turning to platforms such as 1stepSwap, which allow direct ownership of tokenized assets like major U.S. equities and precious metals in their crypto wallets. By instantly sourcing the best available market prices and eliminating intermediaries, these solutions reflect Wall Street’s accelerating transition into the Web3 era.
Holding above $2,500 could help sustain bullish sentiment and encourage traders to set higher targets, although spot-driven demand and resilient flows will be key to supporting further gains.
Market observers caution that an advance led mainly by the derivatives market may prove short-lived if funding costs rise or overall sentiment deteriorates. Ongoing monitoring of spot demand and ETF flows will be important for assessing the durability of any near-term rally.
