Speculation is emerging as the dominant driver in the Ethereum market rather than spot accumulation, as ETH trading volume and open interest set new all-time highs.
According to CryptoQuant, ETH trading volumes on centralized exchanges, particularly Binance, have never been this high, and compared to previous cycles, the difference is obvious.
Speculation Dominates the Market
On Binance alone, ETH trading volumes have already crossed $6 trillion in 2025, a figure that is roughly two to three times higher than what was observed in prior market cycles. Other major centralized exchanges have followed a similar path, although Binance remains by far the largest venue for ETH derivatives and high-frequency trading.
Open interest data further supports the same trend. In August this year, ETH open interest on Binance surpassed $12.5 billion in a new record, which represented a dramatic jump when compared to the previous historic peak. Back in November 2021, when the market was euphoric and Ethereum was approaching its then all-time highs, ETH open interest topped out at only $2.5 billion. The fivefold increase in open interest is in line with the view that speculative positioning has expanded to a scale not previously seen in earlier periods.
CryptoQuant added,
“Altogether, this shows that the market is highly speculative on ETH this cycle, making its dynamics more fragile than when the spot market represented a larger share of activity. It also explains why the market behaves differently now and seems noticeably less stable.”
Key Resistances and Support
Against this backdrop, market commentator Ted Pillows observed that Ethereum is approaching a “key” resistance level, and the next major move will likely be determined by price action around $3,700. In his post, Pillows stated that if ETH manages to close a daily candle above this mark, the momentum could trigger a continuation rally toward the $4,000 region. However, if it fails to break above that threshold and is rejected from current levels, a pullback may be imminent.
On the flip side, crypto analyst Ali Martinez identified three critical support levels for the altcoin while taking the Pricing Bands as a reference. The first major support sits at $2,866, which currently acts as the closest buffer zone for bulls.
The next important level is at $2,528, a deeper support area that could become relevant if selling pressure accelerates or if market volatility spikes. Finally, long-term support sits all the way down at $1,789, a region that has previously served as a strong demand zone.