Ethereum Price Holds Above $2,600 Amid Futures Dominance

The Ethereum price is holding strong above $2,600 after breaking through the liquidity area and consolidating above it.

This consolidation is significant because it means that ETH's move above $2,600 is not being immediately reversed, keeping the next major target of $3,400 in focus.

However, there are some concerning on-chain numbers. Binance futures activity continues to dwarf spot trading, with a spot-to-futures volume ratio of 8% as of October 1. This means that even though ETH has gained around 73% from late June, reaching a price of approximately $2,700, spot trading still only accounts for a small fraction of overall volume.

This divergence is hard to ignore, according to analyst Amr Taha, and raises questions about the sustainability of the current breakout. Past volume ratios offer a complicated signal, with previous peaks not consistently translating into stronger subsequent performance.