Ethereum Price Holds Above $2,600 as Futures Activity Continues to Dominate Spot Trading
The Ethereum price has stabilized above $2,600, maintaining focus on its next major target of $3,400. This consolidation occurs after ETH broke through the liquidity area and began trading above it.
This development is crucial because the price is no longer immediately giving back the breakout; instead, it's consolidating over this zone, keeping the $3,400 target in focus. However, on-chain numbers introduce a less reassuring detail.
Ethereum's recovery has been accompanied by Binance futures activity dominating spot trading. On June 27, ETH traded near $1,560, with a spot to futures volume ratio of 6.5%. By October 1, the price had climbed to around $2,700, representing a 73% gain from late June. Yet, the spot to futures ratio only increased to 8%, indicating that spot trading remains below one-tenth of futures activity.