ETH traders have begun aggressively rotating their capital into leverage, marking a decisive shift in derivatives market positioning as Ethereum approaches a critical technical zone. According to the latest data from CryptoQuant, Ether’s futures-to-spot ratio on Binance has surged from 5 to 6.84, reaching its highest level of the fourth quarter. This increase indicates a clear preference for leveraged exposure over traditional accumulation, suggesting expectations of imminent high volatility.
Unlike Bitcoin and Solana, whose ratios sit at 4 and 4.3 respectively, Ethereum has opened a significant gap, positioning itself as the large-cap asset with the most aggressive speculative betting by current market operators. This divergence is reinforced by a notable decline in Bitcoin open interest over the last two weeks, while Ether’s has remained stable, confirming a risk rotation from the leading cryptocurrency toward higher-beta opportunities.
Technical analyst known as Scient argues that ETH’s price structure is already outperforming Bitcoin’s, highlighting a reinforced support base on the four-hour chart around 2,800 dollars. Bulls expect this zone to act as a magnet for buyers on any pullback, setting the stage for an initial push toward 3,050 dollars. The ultimate target would be the major liquidity cluster at 3,390 dollars, an area aligning with key historical support and resistance levels and the yearly open.
Is the stage being set for a “Santa Rally” in December?
On the other hand, the narrative of a seasonal rally is gaining strength among some market participants. Analyst Kingpin Crypto suggests that the current post-Thanksgiving lull could serve as a springboard for a bullish move in December. With price reacting favorably to the 0.618 Fibonacci retracement and Bitcoin dominance softening, conditions seem to align for ETH traders to attempt pushing the value toward the 3,300 dollar range before the year closes.
Finally, the economy of the Ethereum ecosystem appears to be at a decisive turning point. The combination of aggressive futures positioning and the defense of key supports will define the trend for the coming weeks. If speculative demand manages to absorb the floating supply, we are likely to see rapid acceleration toward upper targets; otherwise, excess leverage could be purged with a sharp correction before any serious recovery attempt.
