Ethereum 
$2,315 has remarkably surpassed Bitcoin 
$75,226 in derivative transaction volume, reaching $59.21 billion in the last 24 hours against Bitcoin’s $56.33 billion. This shift reflects a crucial milestone, indicating Ethereum’s growing dominance in crypto derivative exchanges. The boost coincided with Ethereum’s price recovery since mid-June downturns, prompting investors to reassess their positions in the spot market.
Ethereum’s Leadership Signals Potential Altcoin Rally
According to CoinGlass data, open positions in Ethereum rose by 7.63% within a day, affirming a focus on upward leverage. As liquidity deepens, buying demand is intensifying on order books, while the number of contracts in futures markets has reached a seven-day high.
As Ethereum leads, the Altcoin Season Index from Blockchaincenter has dropped to 24, indicating historic lows. During such downturns or near-bottom phases, altcoins often gain momentum within weeks.
Though the current outlook suggests a “Bitcoin Season”, Ethereum’s volume supremacy hints at the impending onset of an altcoin rally. The market is closely monitoring whether Ethereum can solidify its $2,800 resistance level as a stable support. Achieving this could potentially inaugurate the anticipated altcoin season.
For a lasting market transformation, transaction volumes must also reflect on the spot market. Movements purely driven by leverage may decelerate momentum quickly. Sellers anticipating corrections are in short-term liquidity pursuits.
Technical Analysis of Ethereum
On the daily chart, Ethereum’s price aligns below the 50, 100, and 200-day moving averages, offering layered support. The Relative Strength Index (RSI) stands at 57, away from oversold territory. This structure furnishes buyers with a conducive ground for new attempts without losing momentum, as prices bounce back swiftly when dipping below these moving averages.
Stuck between $2,600 and $2,700, previous attempts at breaching above $2,800 were short-lived. Breaking this resistance could introduce the psychological threshold of $3,000. In a bullish scenario, the next resistance may appear around $3,200, whereas in a bearish scenario, prices could retract to the $2,400–$2,500 range. Volume sustainability will be crucial in confirming Ethereum’s directional move.
