Ethereum traders are quietly returning to leveraged positions, with the latest futures data signaling a significant shift in market positioning as Ethereum approaches a key technical range.
Key Information:
Ethereum leads all major crypto assets in the futures/spot ratio, with the current reading at 6.84.
While derivatives traders are reallocating risk to Ethereum, Bitcoin's open interest is declining.
The technical structure remains constructive; if key levels turn into support, bulls are targeting a potential rally towards $3,390.
Recent CryptoQuant data indicates that Ethereum's futures/spot ratio on Binance has surged from 5 to 6.84, reaching a new high for the fourth quarter. This acceleration suggests a clear rotation in market behavior, with traders increasingly favoring leveraged exposure over spot accumulation.
Compared to Bitcoin and Solana, which have ratios of 4 and 4.3 respectively, ETH has created a gap in the market, becoming the most aggressively positioned large-cap asset. This divergence indicates rising market expectations for specific volatility or catalysts for ETH, with traders heavily utilizing derivatives to capture directional movements.
Further supporting this shift, on-chain data from Binance shows that Bitcoin's open interest (OI) has significantly decreased over the past two weeks, while Ethereum's OI has remained relatively stable, with only a slight 0.47% daily pullback. The trend suggests that market participants are reallocating risk capital from BTC's upward trend to ETH's high-beta opportunities.
After Ethereum broke the $3,000 mark this week, analysts are debating whether it can convert the accumulated derivative pressure into a sustained breakout.
Crypto trader Scient believes that Ethereum's structure has outperformed Bitcoin and points out that the four-hour support base around $2,800 has been strengthened. Bulls expect this area to attract buying interest again on any pullback, initially pushing towards $3,050, with hopes of reaching the major liquidity zone at $3,390—this area aligns with high-cycle support/resistance, fair value gaps (FVG), and the annual opening price.
However, Lab Trading analyst Ken believes the short-term outlook remains bearish. Ethereum has been consistently pressured by the four-hour 100-EMA level throughout November, and this trader warns that unless $3,000 turns into support, the market still faces the risk of further declines.
Meanwhile, crypto analyst Kingpin Crypto suggests that the "Thanksgiving lull" could serve as a springboard. With prices reacting near the 0.618 retracement level of the 2025 bullish trend and multiple high-cycle supports below, some anticipate a "Christmas rally for Ethereum" in December, pushing above $3,300, especially as Bitcoin's dominance continues to weaken.
Related: CoinGecko: Decentralized exchange trading volume surges driven by the meme coin trading frenzy
Original: “Ethereum (ETH) Traders Ramp Up Positioning, Setting a Price Target at $3,400”
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