Ethereum Spot Volume Leaps Seven-Fold, Targets $3000 Next

Ethereum's spot volume skyrocketed over the past 24 hours, jumping nearly 50% to $6.14 billion, a significant outperformance compared to Bitcoin's 7% increase in spot volume.

This surge in activity comes as Ethereum eyes a potential price target of $3,000, with analyst Ted Pillows commenting that 'a weekly close above' the current resistance level could push prices to this level.

Ethereum's open interest rose 1% to $27.1 billion, while Bitcoin's fell 3.9% to $43.8 billion, indicating traders are adding exposure to Ethereum and cutting it in Bitcoin.