Ethereum just made history. It printed an incredible $592.1 billion in 24-hour derivatives, overcoming Bitcoin's $56.333 billion for a long time. This is not just a small anomaly that traders can ignore, as it will potentially cause serious changes to the market focus. ETH is gradually recovering in terms of prices from the decline that began in mid-June.
Ethereum integrates important moving averages for your daily chart. The 50, 100, and 200 days of MAS are stacked below price action to provide layered support. Even if RSI remains in neutral to ferocious zone (printed at 57 recently), before ETH is over-acquired, there is still plenty of room. Previous breakout attempts have failed, with prices currently shifting to the $2,600-2,700 range.
However, this time the situation is different. Open interest has increased by +7.63% in one day, indicating new leverage entry into the market, increasing liquidity. One important point is that the Altcoin Season Index is the lowest point ever. 27. Altcoins usually get better in the weeks following this index as it is bottomed.
Essentially, the market is still in Bitcoin season, but this early volume domination by ETH may foreshadow a gathering led by Altcoins. In such a scenario, Ethereum leads its subsequent upward leg, breaking through a likely $2,800 resistance and aiming for a psychological $3,000 mark.
Despite the fact that it is too early to demand a sustained altcoin season, the combination of increasing open interest, clear changes in volume leadership, and historically low altcoin sentiment suggest that Ethereum may gain traction in the future. But traders need to maintain realism.
Breakouts have declined to under $2,800 on multiple occasions, so if this level is not supported, a return to the $2,400-$2,500 range is possible. In summary, Ethereum stands on a central stage. Volume sustainability and Bitcoin's ability, or lack thereof, will regain its advantage and determine whether this is a temporary speculative frenzy or the beginning of a reversal of structural trends.
