Isabella García
In a notable shift, Ethereum derivatives trading volume has surged by 38% over the last 24 hours, reaching over $110 billion, according to data from Coinglass. This figure now exceeds that of Bitcoin derivatives, which logged around $84.72 billion in the same period—a significant shift in market dynamics.
Alongside the trading spike, ETH price rose 4%, touching $2,790 as of 11:30 p.m. Tuesday, marking its highest level since February, based on data from PRIME.
Institutional Interest and DeFi Activity Fuel ETH Demand
Analysts link this sharp uptick in trading volume and price to robust inflows into spot Ethereum ETFs, which have recorded 16 consecutive days of positive flows, totaling nearly $890 million, according to SoSoValue.
“Ethereum’s rise isn’t just hype,” said Rachael Lucas, an analyst at BTC Markets. “It reflects long-term institutional validation and Ethereum’s real-world use cases.”
Meanwhile, DeFi and NFT activity is picking up pace, with Ethereum still dominating both spaces. DeFi Llama reports that the total value locked (TVL) in DeFi has surged to $118.8 billion, up 32% from $89.97 billion on April 10.
NFT marketplace OpenSea also saw a significant revival with the release of its new OS2 platform, reaching its highest monthly active user count since 2023.
Regulatory Support and Upgrades Add to Bullish Sentiment
Market sentiment was further boosted by a recent pro-DeFi statement from the SEC’s official X (formerly Twitter) account, highlighting the right to digital self-custody as a “foundational American value.” This remark, attributed to SEC Chairman Paul Atkins, was made during the agency’s DeFi roundtable and widely interpreted as a positive signal for the sector.
Ethereum’s ongoing Pectra upgrade, which addresses long-standing scalability and cost-efficiency concerns, has also been cited as a key catalyst in sustaining bullish momentum.
ETH Price Forecast: Is $6,700 by Year-End Possible?
“In the short term, ETH is in a strong upward trend,” Lucas added. “We’re watching resistance near $3,600 and support around $2,800. If staking-enabled ETFs receive approval, ETH could push toward the $5,500–$6,700 range by December.”
She also noted that Ethereum’s fundamentals—such as the deflationary EIP-1559 mechanism, Layer 2 adoption, and dominance in DeFi—support a long-term target of $10,000 to $20,000 by the end of the decade.
Near-Term Risks: Regulatory Uncertainty Lingers
However, regulatory delays remain a potential headwind. Dominick John, an analyst at Kronos Research, warned that the SEC’s hesitation on staking-enabled ETFs may introduce short-term volatility, even if the broader outlook remains bullish.
