Ethereum Approaches $2,550 Resistance as Derivatives Activity and ETF Inflows Rise
Ether traded near $2,511 on Monday following a surge in futures trading volume and net weekly inflows into spot exchange-traded funds.
Ethereum traded around $2,511 on Monday, nearing the $2,550 resistance level after declining roughly 1.5% the previous week. The movement occurred as Bitcoin consolidated above its primary daily moving averages.
Derivatives activity increased sharply, with CoinGlass data showing 24-hour Ethereum futures volume reaching $36.45 billion, a 74% increase that stood 14 times higher than the $2.48 billion recorded in spot volume. Open interest stood at $32.86 billion, with a long-to-short ratio of 1.019 and a positive funding rate of 0.0070%.
Spot Ethereum exchange-traded funds also saw net positive demand, recording $196.90 million in total weekly inflows. This was driven by a $216.40 million inflow on Friday and $34.70 million on Wednesday, which outweighed outflows of $24.30 million on Tuesday and $29.90 million on Thursday.
From a technical perspective, Ether remained above its 50-day, 200-day, and 100-day exponential moving averages, situated at $2,264, $2,203, and $2,146 respectively. The relative strength index was near 60, while the moving average convergence divergence indicator remained negative.
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