Ether futures place positioning reaches Q4 peaks with traders loading leverage. Resistance at 3,390 attracts the bulls, and Bitcoin supremacy is becoming weak in the month of December.
Ether traders are crowding leverage positions. New derivatives data underline the abrupt change in positioning with the ETF on the verge of key technical levels.
The future-to-spot ratio of Ether in Binance jumped between 5 and 6.84. It is the pinnacle of Q4. The traders are opting to accumulate leverage rather than on spot. Bitcoin and Solana are closer to 4 and 4.3, respectively. ETH is now the most aggressively placed large-cap crypto. The dislocation is normally an indication of future volatility.
Bitcoin Fades While Ethereum Stands Firm
Contrasting trends are observed in on-chain derivatives data. The open interest of BTC has been resolved gradually in the last two weeks. The open interest of ETH fell marginally. It has an average soft 0.47% daily pullback.
Risk capital seems to be rotating among traders. Money is shifting off the drained uptrend of Bitcoin to Ethereum. The turnaround is seen where ETH regained the 3,000 mark. Focus now shifts to the issue of whether the leverage accumulation turns into a clean breakout.
As Kingpincrypto12 says on X, the price was used to fill the imbalance completely. ETH is responding to the 0.618 backlash of the 2025 uptrend. Immediately below are weekly fair value gaps and order blocks. Bitcoin dominance is also declining.
Source – Kingpincrypto12 X
The $3,390 Level Bulls Must Conquer
There is no consensus on the course of action. Trader Scient suggests that ETH appears structurally more likely to be better than Bitcoin. Over a four-hour period, roughly 2,800 forces repeatedly reinforced and recaptured the support base. Bulls desire new purchasers in case that level retests. This would open up to $3,050 first.
The large liquidity pocket is at the level of about $3,390. That area coincides with the annual open. It also corresponds with a fair value disparity and high-period resistance region. The majority of watchers believe that ETH has to clear this level. It depends on confirmation of momentum.
Price may rebound to the 3,300s as Kingpincrypto12 tweeted on X. The analyst anticipates a possible dump during the Thanksgiving weekend. Ethereum Santa could kick off in December. The Sunday or Monday scopes of long positions are being scoped.
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Analysts Remain Split on Direction
Some traders are still cautious. Ken of Lab Trading cautioned that ETH was repeatedly rejected. The 100-EMA four-hour barrier has been a hard nut to break. Downside extension is still possible unless ETH pops up in support above $3,000.
Kingpincrypto12 emphasized the present arrangement as an ideal springboard. The 0.618 retracement tap gives hope of a December push. Bitcoin hegemony is wearing out. During this time, there is a historical seasonal favor in ETH flows.