Ethereum Price Keeps Breaking Through Key Zone Despite Futures Dominance

The Ethereum price has managed to hold above the key $2,600 zone, keeping the next major target of $3,400 firmly in focus. This comes after ETH broke through the liquidity area and began consolidating above it.

According to analyst Amr Taha, the current setup is simple: $2,600 has been reclaimed, the breakout is intact for now, and the price remains focused on the $3,400 target.

However, on-chain numbers add a rather less comfortable detail. Ethereum's recovery has happened while Binance futures activity continues to dwarf 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 roughly $2,700, representing a gain of about 73% from late June, yet the spot to futures ratio had only edged up to 8%.

This divergence is hard to ignore, with past volume ratios offering a complicated signal. The current 8% reading looks modest compared with previous peaks, which reached around 45% on April 13 and 114% on November 14.