- Ethereum’s futures-to-spot ratio on Binance reached 6.84, the highest in the fourth quarter.
- Derivatives traders are shifting risk toward Ethereum, while Bitcoin shows declining open interest.
- Ethereum’s technical outlook remains constructive with a potential move toward $3,390 if key support holds.
- Some analysts see bullish momentum near $2,800, others highlight bearish risks if $3,000 does not hold as support.
Ethereum traders are increasing leveraged exposure as its futures-to-spot ratio on Binance climbed from 5 to 6.84, reaching a peak in the fourth quarter. This shift indicates that market participants favor derivatives over spot holdings. Compared to Bitcoin and Solana, whose ratios stand near 4 and 4.3 respectively, Ethereum leads major cryptocurrencies in futures market positioning.
Data from Binance shows that while Bitcoin’s open interest (OI) has noticeably declined in the last two weeks, Ethereum’s OI has remained comparatively stable with a slight daily pullback averaging 0.47%. This suggests a rotation of risk capital away from Bitcoin’s rising trend toward Ethereum’s riskier potential.
Ethereum recently surpassed the $3,000 mark, attracting divergent views among analysts. According to crypto trader Scient, Ethereum’s structure outperforms Bitcoin and has established a firm support zone around $2,800 on the four-hour chart. “Bulls expected this zone to attract buyers again on any retest, setting up an initial push toward $3,050 and potentially the major liquidity cluster at $3,390,” which aligns with longer-term support and resistance, a fair value gap (FVG), and the yearly open.
On the contrary, analyst Ken from Lab Trading sees short-term bearishness. He noted that Ethereum has repeatedly rejected the four-hour 100-EMA level through November and warned that failure to hold $3,000 as support could lead to further downside.
Additionally, crypto analyst Kingpin Crypto mentioned the “Thanksgiving lull” might serve as a launchpad. With Ethereum reacting off the 0.618 retracement level of its 2025 rally and multiple higher-timeframe supports, some anticipate a December rally toward the $3,300 range amid declining Bitcoin dominance.
For further technical details, see Ether’s four-hour chart analysis by Scient, Ken’s market view here, and Kingpin Crypto’s commentary here.
This article does not contain investment advice. Trading involves risks, and readers should conduct independent research before making decisions.
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