Ethereum Breakout Imminent as Derivatives Activity Surges

Ethereum is trading near $2,486 with a market capitalization of $303.56 billion, stuck between resistance at $2,520-$2,530 and support at $2,360-$2,370.

Derivatives volume rose 10.28% to $38.44 billion and open interest climbed 2.43% to $33.87 billion, suggesting increased market participation ahead of a potential breakout.

Abraxas Capital bought 13,000 ETH worth $32.39 million while holding a 141,180 ETH short position on Hyperliquid, a hedging strategy that protects against both upward and downward moves.