ETH Price Rally Faces Crucial Test as Derivatives Market Raises Red Flags

ETH has surged by 5.49% to $2,626.56, but this rally may be short-lived due to several warning signs.

The price is currently trading above its upper Bollinger Band, which historically indicates an overextension of the market.

A dead-flat MACD histogram and a 9.19% collapse in open interest are also raising concerns about the sustainability of this rally.

Despite the strong technical backdrop, with ETH trading above every major moving average, the derivatives market is not confirming this breakout.