Ethereum has reclaimed the $2,200 level, marking a short-term breakout after weeks of consolidation. The move comes amid rising macroeconomic pressure, with core PCE inflation at 3.1% and oil prices spiking due to U.S.-Iran tensions.
Despite declining open interest on Binance-down 400,000 ETH since January-futures trading volume now exceeds spot volume by more than six times, the lowest ratio since 2023. This imbalance reflects persistent weakness in direct ETH ownership and heavy reliance on leveraged derivatives.
The shift suggests institutional caution, potentially driven by continued sales from major entities like the Ethereum Foundation or wallets linked to Vitalik Buterin.
On the chart, Ethereum has broken above key moving averages on the 4-hour timeframe, with price near $2,260. A hold above $2,100-$2,150 could trigger a rally toward $2,300-$2,400, pending sustained volume.
