Ethereum price ready for breakout: investors are betting en masse at $ 3,400

Investors in the derivatives market are starting to become positive about Ethereum again. People are increasingly betting on a scenario in which the Ethereum price could possibly rise to the zone around $3,400, an important technical level.

Traders are shifting from Bitcoin to Ethereum

Data from CryptoQuant shows that the so-called futures-to-spot ratio of Ethereum on Binance has risen to 6.84, the highest level this quarter. That ratio indicates how many investors trade with borrowed money compared to direct purchases on the spot market.

For comparison:

• Bitcoin is at 4.
• Solana op 4,3.

That makes Ethereum the most aggressively positioned major cryptocurrency at the moment. At the same time, open interest, the total value of open futures contracts, in Bitcoin is falling, while that in Ether remains virtually stable. This indicates that investors are transferring risk capital from Bitcoin to Ethereum.

Important technical levels in focus

The price of Ethereum broke through the $3,000 mark this week, but the question is whether that level can also serve as new support. Analysts are divided:

Optimistic view:
Pseudonymous analyst Scient sees strong four-hour support around $2,800 and expects another rise around $3,050. Above this there is a large liquidity zone around 3,390, supported by several technical indicators such as the fair value gap and the annual opening.

More cautious analysis:
Analyst Ken from Lab Trading warns that Ethereum is still struggling to break above the 100-EMA level (four-hour chart). According to him, sentiment remains bearish as long as the currency does not convincingly remain above $3,000.

Seasonal effect?
Analyst Kingpin Crypto sees opportunities: according to him, the quiet trading period around Thanksgiving can serve as a stepping stone to an “Ethereum Santa rally” in December. The coin recently bounced off the 0.618 retracement of the 2025 rally, a level often seen as technical support.

Market awaits direction

Despite increased trading activity, the direction for Ethereum remains uncertain. The combination of high leverage positions, declining Bitcoin dominance and strong technical levels could produce a solid move. But whether it is up or down depends on the coming days.