Ethereum has regained key price levels after a volatile weekend, becoming one of the strongest performers in the ongoing market rebound. As Bitcoin stabilizes near $100,000, altcoins are gaining momentum, with ETH once again leading the way. The rally comes amid renewed optimism in the crypto sector, as traders and investors position themselves for upside potential following weeks of correction and fear-driven selling.
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According to a CryptoQuant report from analyst Darkfost, Ethereum trading volume has reached record levels on Binance, highlighting the speculative nature of the current market. The report notes that speculation now plays a much larger role than in previous cycles, with trading activity reaching unprecedented levels.
Unlike past bull runs – when spot market activity dominated and provided a healthier basis for growth – the current rally appears heavily fueled by debt and short-term speculation. This change has made the market more volatile and less stable, even if prices recover.
Speculation dominates as Ethereum trading activity hits unprecedented levels
According to CryptoQuant analyst Darkfost, the Ethereum market is now driven more than ever by speculation, with traders seeking quick returns rather than sustainable growth. This change in behavior has created a much less stable trading environment, in which volatility and leverage increasingly influence price action.
Data shows that on centralized exchanges (CeX), trading volumes and open interest have reached all-time highs. On Binance, Ethereum transaction volumes have already exceeded $6 trillion in 2025, approximately two to three times higher than in previous years.
Other major exchanges are showing similar trends, but Binance continues to largely dominate market activity, underscoring its position as the primary venue for speculative ETH trading.
The open interest levels also tell a striking story. In August 2025, ETH open interest exceeded $12.5 billion on Binance, a five-fold increase from the previous all-time high of $2.5 billion in November 2021. This explosion in leveraged positions highlights the extent to which Ethereum trading has evolved into a highly speculative environment dominated by short-term positioning.
Overall, these trends reveal a market structure increasingly reliant on derivatives rather than spot purchases. As Darkfost notes, the speculative intensity of this cycle makes Ethereum’s price dynamics much more fragile and reactive, explaining the frequent sharp swings and increased sensitivity to liquidity changes that now define the ETH market.
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Testing Key Resistance After Strong Selloff
Ethereum (ETH) is showing the first signs of recovery after last week’s sharp decline, as the price rebounds from a low near $3,200 to trade around $3,590 at the time of writing. The rebound follows a strong reaction from buyers after several days of strong selling pressure, suggesting renewed confidence in the market.
From a technical perspective, ETH’s recent rebound suggests that near-term momentum could shift back towards the bulls. The daily chart shows a clear pattern of higher lows, but Ethereum still faces immediate resistance near the $3,650-$3,700 area, which aligns with the previous consolidation zone before the breakout. A decisive close above this level could open the door for a move towards $3,850 to $3,900, while failure to break out higher could signal continued consolidation.
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Volume analysis also shows that the recent rebound was accompanied by increased buying activity, reinforcing that the $3,200 region is acting as an area of strong demand. However, overall trading conditions remain fragile, with volatility still high and speculative activity dominating the market.
Featured image from ChatGPT, chart from TradingView.com
