Eth Traders Ramp Up Positioning, Setting A Price Target At $3.4k

Ethereum traders ramped up leverage as futures dominance surged and key technical levels came into play. Will ETH bulls succeed in catalyzing a rally to $3,400?

Ethereum (ETH) traders are quietly rotating back into leverage, with fresh futures data signaling a major shift in market positioning as ETH approaches a critical technical zone.

Ether leads all major crypto assets in the futures-to-spot ratio, with the current rating at 6.84.

Derivatives traders are reallocating risk into ETH while Bitcoin shows declining open interest.

Technical structure remains constructive, with bulls eyeing a potential run toward $3,390 if key levels flip.

Recent data from CryptoQuant indicated Ether’s futures-to-spot ratio on Binance had risen sharply from 5 to 6.84, its highest level in Q4. This acceleration marked a decisive rotation in market behavior, where traders increasingly prefer leveraged exposure over spot accumulation.

Compared to Bitcoin and Solana, sitting at 4 and 4.3, respectively, ETH has created a gap for itself as the market’s most aggressively positioned large-cap asset. This divergence pointed to rising expectations of ETH-specific volatility or catalysts ahead, with traders leaning heavily into derivatives to capture directional moves.

Further supporting this shift, onchain data from Binance highlighted a notable decline in Bitcoin open interest (OI) over the last two weeks, while Ether’s OI has remained relatively stable with only a mild 0.47% average pullback per day. The trend suggested that market participants are rotating risk capital out of BTC’s uptrend and into ETH’s higher-beta opportunity.

Related: Ethereum raises block gas limit to 60M as network capacity climbs ahead of Fusaka

With ETH breaking the $3,000 level this week, analysts debated whether ETH can convert building derivatives pressure into a sustained breakout.

Source: CoinTelegraph