In recent days the trading volume of ETH derivatives has increased.
In fact, in March it had even reached higher peaks on some days, but between the end of the month and the beginning of April it dropped significantly.
If we take Open Interest on Binance as a reference, last week it almost reached the March peak, but with an almost continuous increase starting from April 6.
This week it seems that the growth has stopped, but after almost two weeks of recovery it was quite normal that sooner or later this growth would come to a halt.
Summary
The price of ETH
It should be noted that the recovery of Open Interest on Ethereum derivatives closely mirrors that of the ETH price.
After a monthly peak of over $2,300 in mid-March, the price of Ethereum in the following weeks had fallen back below $2,000, but starting from the end of March it reversed the trend and began to rise again.
Curiously, during the first week of April the price of ETH rose more than Open Interest, while starting from April 7 Open Interest realigned with the price increase.
From this we can deduce that it took almost an entire week for the Ethereum derivatives market to recover after the drop in the second half of March, almost as if investors/speculators needed confirmation before once again considering these specific assets interesting.
Last week, however, after the monthly peak, a discrepancy again emerged between the trend of the price of Ethereum, which remained almost constantly above $2,300, and Open Interest, which instead fell significantly before the rebound of the last few days.
Perhaps a situation similar to that of late March / early April is repeating itself, when it took several days before investors/speculators felt sufficiently confident to again put large sums into these derivatives.
The volume
However, it should be added that in recent days there appears to have been an influx of aggressive buyers into the market, given that the buying volume has exceeded 5 billion dollars on Binance.
Therefore the circulating hypothesis is that ETH’s mini-rally might be able to continue.
It is enough to consider that the total net daily volume has increased by 72% compared to the values at the beginning of the month.
All this would indicate constant aggressiveness on the part of buyers.
According to analyst Amr Taha, this is the highest level of buyer aggressiveness since February, even though his analysis actually refers to Bitcoin derivatives.
The point is that most likely in the current market phase the mini-rally is being driven mainly by Bitcoin, but Ethereum still manages to hold its own.
ETHBTC
Analyzing the trend of the price of Ethereum in Bitcoin (ETHBTC), from February 25 to April 13 there was a moderately long phase of upward sideways movement, with Ethereum going from 0.029 to 0.032 BTC.
However, starting from April 14 there was a small correction, which may still be underway, and which brought it back below 0.030 BTC.
It should be noted that after the annual peak in August 2025, a long downward phase began that ended only in February of this year, after which a period of sideways movement started.
At first, until April 13, this sideways movement was upward, while from April 14 the upward phase seems to be receding.
The trend of the price of Ethereum expressed in Bitcoin is mainly used to understand when ETH outperforms BTC.
Although in recent months ETH appears to have in fact outperformed BTC, it has done so by really tiny proportions, effectively irrelevant.
Last year instead, from May to August, it outperformed it in a very clear and evident way, going in just a few months from 0.019 to 0.043 BTC.
In the long term, however, there is effectively no outperformance, and ETH more or less performs like BTC, although often with a bit more volatility.
The forecasts
At this moment it is practically impossible to make medium-term forecasts.
In the short term, however, it can be said that for the price of Ethereum there is a very tough psychological resistance to break.
This is $2,400, that is, a level which, since it was lost in February, Ethereum has tried twice to regain without succeeding.
On the one hand it seems unlikely that this resistance can fall in the short term, but in the medium term it cannot be ruled out that it might succeed.
However, much will depend both on the general trend of the crypto markets, which at this moment is dominated by Bitcoin, and on the macro geopolitical picture, which unfortunately is still currently very uncertain.
