Ethereum Price Consolidates Above $2,600, $3,400 in Focus

The Ethereum price has stabilized above the $2,600 zone, keeping $3,400 in focus as the next major target. The breakout above this level has been confirmed, and the price is now consolidating above it.

The recovery of the Ethereum price has been notable, with a gain of about 73% from late June, when the price was near $1,560. However, the spot to futures volume ratio on Binance has not increased significantly, remaining at 8%.

This divergence between spot and futures volume is a concern, according to analyst Amr Taha, who notes that previous peaks in the spot to futures ratio have not consistently translated into stronger subsequent performance.

For now, the Ethereum price remains above $2,600, with $3,400 on the radar. However, the bigger question is whether the breakout can hold while futures continue to dominate Binance's trading mix.