Ethereum (CRYPTO: ETH) reclaiming the $3,000 level has traders debating whether momentum is building for a continued leg higher, or if the market is setting up for another volatility spike.

What Happened: On-chain data from CryptoQuant shows Ethereum’s futures market accelerating far faster than spot demand, marking a clear behavioral shift among traders.

The futures-to-spot volume ratio has surged from the mid-5 range to nearly 6.9, the highest speculative appetite among major assets and far above Bitcoin (CRYPTO: BTC) and Solana’s (CRYPTO: SOL) more stable 3.5–4.5 zone.

This widening divergence signals traders increasingly prefer leveraged directional exposure over spot accumulation, hinting at rising expectations for short-term volatility or upcoming ETH-specific catalysts.

The steady climb in the ratio reflects building conviction and a market now dominated by derivatives positioning—fueling potential for sharper, faster moves in either direction.

Also Read: Ethereum Below $3,000? Trader Netting $578,000 With A Short Says That Was ‘The Easy Part’

What’s Next: Crypto trader Scient noted he’s cautious about Ethereum’s slow, grinding ascent, warning that such structures often get erased by a handful of aggressive moves.

Even so, he admits the lower-time-frame trend remains intact.

Ethereum has broken out of its local 1-hour range, flipped that level into support, reclaimed its local downtrend, and pushed into the bullish C-fork, adding momentum to the upside.

Scient expects that if ETH holds above $2,990, price could extend toward $3,400 before encountering any meaningful corrective pressure.

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