Ethereum Spot Volume Growth Outpaces Bitcoin Seven-Fold In A Day As ETH Eyes $3000 Next

• Ethereum's spot volume jumped over 49% in comparison to 7% for Bitcoin.
• Ethereum's open interest rose 1%, while Bitcoin's open interest fell over 3%.
• Analyst Ted Pillows said on X that Ethereum was now eyeing $3,000 if it closes above the $2,550 level.

Ethereum’s (ETH) spot volume jumped nearly 50% over the past 24 hours, seven times the 7% increase in Bitcoin (BTC) spot volume, as Ethereum extended its outperformance over the largest cryptocurrency.

According to Glassnode data, spot volume for Ethereum stood at $6.14 billion in comparison to Bitcoin spot volume at $6.53 billion in the last 24 hours. However, Ethereum's spot volume increased over 49%, whereas Bitcoin spot volume increased only 7% during the same time frame. 

Derivatives data pointed the same way. Open interest in Ethereum rose 1% to $27.1 billion while Bitcoin's fell 3.9% to $43.8 billion, indicating traders added exposure to one and cut it in the other.

ETH VS. BTC

Bitcoin's price was trading around $77,300, while Ethereum's price was near $2,532 as of writing. On Stocktwits, retail sentiment around Ethereum remained in the ‘bearish’ zone, with ‘normal’ chatter levels over the past day. In contrast, retail sentiment around Bitcoin dropped to ‘extremely bearish’ from the bearish zone, accompanied by ‘low’ chatter levels over the past day.

Analyst Eyes $3000 Amid Bitcoin’s Weakness

Bitcoin's weakness came with roughly 1 million BTC sitting in a long-term holder cost basis band between $84,000 and $87,000, according to supply distribution data. A second cluster of about 1 million BTC sits lower, between $62,000 and $65,000, at about $77,300 Bitcoin traded between the two, below the overhead band that has capped recent attempts higher, according to analyst Plan B’s chart.

Commenting on it, a crypto analyst Ted Pillows said on X that Ethereum is "back at its $2550 resistance level" and that "a weekly close above this could push Ethereum to $3,000." His chart showed the first support level below spot and another resistance zone above the $2,550 range.

Tom Lee Says Crypto Cycle Bottom May Be Near

The move comes after comments from Fundstrat Global Advisors head of research, Tom Lee, who said in an interview with Wealthion, published Friday, that crypto's 4-year cycle was weeks away from bottoming, and the bottom appeared to be already in from a technical standpoint. Lee said a large amount of leverage had been extinguished since last October and was starting to build, pointing to renewed borrowing to buy crypto in South Korea. 

Lee said he was bullish on Ethereum by adjacency, saying that artificial intelligence (AI) would change financial services, and crypto was one of the primary tools for that shift, saying, "that's why we're really bullish on Ethereum as well." 

Lee is chairman of BitMine Immersion Technologies (BMNR), which owns nearly 5% of Ethereum’s supply.

On Friday, Ethereum surged past the $2,600 range for the first time in 8 months, with crypto analyst Michael van de Poppe saying, "The correction is over," and forecasting that Bitcoin is about to set new highs. 

Read also: Bitcoin Sentiment Hits 2-Year High As Spot Demand Rises: Is A Market Turn Coming?

For updates and corrections, email newsroom[at]stocktwits[dot]com.