TLDR
- ETH price gained 5.52% to $4,369 in 24 hours but dropped 8.27% weekly
- Binance dominates with $4 trillion ETH futures volume, breaking previous $3.7 trillion record
- Key resistance at $4,380 could determine next price direction
- Open interest surged from $2.8 billion to $13 billion since April lows
- Technical indicators show mixed signals with bearish trend line forming
Ethereum price surged 5.52% to $4,369 over the past 24 hours. Despite this daily gain, ETH remains down 8.27% for the week.
The cryptocurrency recovered from $4,050 support levels. Price action moved above $4,150 and $4,220 resistance zones during the rally.
Daily trading volume reached $51.65 billion, marking a 1.22% increase. This uptick reflects growing trader interest in current price levels.
ETH currently faces technical resistance near $4,380. The price trades below the 100-hourly moving average with a bearish trend line forming at $4,355.
Binance Leads Ethereum Futures Market
Binance continues to dominate Ethereum derivatives trading. The exchange processed over $4 trillion in ETH futures volume this year.
This figure surpasses Binance’s 2024 record of $3.7 trillion. The platform maintains its lead over competitors like Bybit, OKX, and Hyperliquid.
Open interest on Binance expanded dramatically since April. When ETH traded below $1,500, open interest stood at $2.8 billion.
The metric has grown by nearly $10 billion since then. This liquidity injection helped fuel Ethereum’s recent price recovery.
CryptoQuant analysts note the derivative-heavy nature of this rally. High open interest levels create potential for increased volatility.
Ethereum Price Prediction
Current resistance sits at the 61.8% Fibonacci retracement level near $4,350. A break above $4,380 could target $4,460.
Further upside momentum might push ETH toward $4,500 resistance. Strong buying could extend gains to $4,550 or $4,565.
Downside risks emerge if support fails. Initial support appears at $4,240 with major backing at $4,200.
A breakdown below $4,200 could target $4,120 support. Additional weakness might push prices toward $4,050.
The hourly MACD shows weakening momentum in bearish territory. However, RSI readings above 50 suggest some buying interest remains.
Traders watch key levels closely as ETH navigates between support and resistance. The $4,220 zone serves as crucial support for bulls.
Bears need to push prices below this level to gain control. Bulls require a clear break above $4,380 for continued upside.
Market participants remain cautious about derivative-driven rallies. High futures activity can lead to sharp price reversals during liquidation events.
Binance achieved new milestones with record ETH futures volume, cementing its position as the leading derivatives platform.
