Ethereum trading volumes and activity are steadily increasing, with trading volumes on major platforms increasing by over 150%.
This type of development may seem bullish at first glance, but a closer look reveals a more complex structure. Derivatives markets are dominated by futures trading volumes. With OKX and Gate adding significant depth, Binance alone is pushing over $13 billion.
Although not extreme, the long bias is confirmed by long/short ratios consistently above 1 on several exchanges. This is important because crowded longs are often penalized when the price stalls.
That tension is further reinforced by liquidation data. Over the past day, short-term liquidations ($82 million) exceeded long-term liquidations ($34 million), indicating strong upward pressure that has recently intensified. However, if we zoom in, we can see that long-term and short-term liquidations alternately dominate on shorter time frames.
short term pressure
The story of Flow is similar. The 1- and 4-hour windows turn negative, while short-term futures inflows are positive (the 5-15 minute window shows strong net inflows). Capital comes in, but it doesn’t stay. This is more indicative of speculative outrage than a lengthy criminal conviction.
$ETH The chart shows compression below the resistance between $2,340 and $2,360, indicating a gradual downside structure. Price is still constrained below the 100 EMA, which is a major dynamic resistance, but is above the short-term moving average.
Although there was a significant rebound from below $2,000, the current momentum is more likely to be established than sustained. The 50 EMA and recent lows are aligned between $2,280 and $2,200, which is an important level below it. If we lose it, we revert to a weak structure.
Where does it come from?
Strong resistance lies at $2,500, which can be reached after a clean break through $2,360.
So where does that volume come from? Most of them are derivatives, where traders switch between short and long-term positions rather than committing long-term funds. Therefore, despite the surge, prices have not split cleanly.
The lesson for investors is simple and clear. This is not a belief-based movement, but rather one driven by fluidity. It is possible to continue if $ETH Break through resistance with consistent inflow. If not, we would expect another cycle of rejection and lower support to be retested before the important trend resumes.
