Ethereum has found itself caught within a firm and unwavering uptrend throughout the past 48-hours, with Bitcoin’s surge past $7,000 providing ETH with some significant momentum that has allowed it to outperform the aggregated market.
This rally has led the cryptocurrency to see a massive surge in futures trading volume and open interest (OI) on popular trading platform BitMEX, with both of these things being a sign that the crypto will see further near-term volatility.
Because ETH has underlying technical strength and has formed what is widely considered to be a bullish market structure, it is a possibility that the crypto will soon rally towards $200.
Ethereum volatility unlikely to let up anytime soon, data shows
Ethereum’s recent rally has allowed it to surge from multi-day lows of $140 to highs of nearly $175, with the crypto only trading down marginally from this level.
This rally has allowed ETH to outperform Bitcoin, and data now seems to suggest that analysts anticipate it to see a further extension of this volatility in the near-term.
Ethereum Futures – Aggregated Daily Volumes (Source: Skew)
As seen on the above chart, this led futures volume to rocket from roughly $1 billion on April 5th to $3 billion on the 6th, hitting levels not seen since March 20th, which is when the crypto rallied from $115 to $150.
Concurrently with the rise in futures,