Ethereum regained key price levels after a volatile weekend, becoming one of the strongest players in the ongoing market rebound. As Bitcoin stabilizes near $100,000, altcoins are gaining momentum, with ETH leading the way again. The recovery comes amid renewed optimism across the cryptocurrency sector as traders and investors position for potential growth after weeks of corrections and fear-based selling.
According to a CryptoQuant report by analyst Darkfost, Ethereum trading volume has reached record levels on Binance, highlighting the speculative nature of the current market. The report notes that speculation is now playing a much greater role than in previous cycles, and trading activity is at unprecedented levels.
Unlike previous phases of growth, when cash market activity dominated and provided a healthier base for growth, today’s rally appears to be largely driven by leverage and short-term speculation. This change has made the market more volatile and less stable, even as prices rise.
Speculation prevails as Ethereum trading activity reaches unprecedented levels
According to CryptoQuant analyst Darkfost, the Ethereum market is now driven by speculation more than ever before as investors seek quick returns rather than sustainable growth. This change in behavior has created a much less stable trading environment in which volatility and leverage increasingly shape price action.
Data shows that on centralized exchanges (CeX), both trading volume and the number of open transactions have reached historic highs. On Binance, Ethereum trading volume has already exceeded $6 trillion in 2025, approximately two to three times more than in previous years.
Other major exchanges show similar patterns, but Binance continues to dominate market activity by a wide margin, underscoring its position as a premier speculative ETH trading venue.
Open interest levels also tell a striking story. In August 2025, ETH open interest on Binance exceeded $12.5 billion, a staggering five-fold raise from the previous record 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.
Collectively, these trends reveal a market structure increasingly based on derivatives rather than spot purchases. As Darkfost notes, the speculative intensity of this cycle makes Ethereum’s price dynamics much more exquisite and reactive, which explains the repeated pointed swings and increased sensitivity to liquidity changes that currently define the ETH market.
Testing key resistance after a pointed sell-off
Ethereum (ETH) is showing early signs of recovery after last week’s pointed decline as the price rebounds from lows near $3,200 and has settled around $3,590 at the time of writing. The rebound follows a powerful buyer response following days of massive selling pressure, indicating renewed confidence in the market.
From a technical perspective, ETH’s recent rebound suggests that near-term momentum may return to the bullish side. The daily chart shows a clear pattern of higher lows forming, but Ethereum continues to face immediate resistance near the $3,650-$3,700 zone, which coincides with the area of previous consolidation before the breakdown. A powerful close above this level could open the door to a move towards $3,850-$3,900, while failure to break higher could signal continued consolidation.
Volume analysis also shows that the recent rebound was accompanied by increased buying activity, confirming that the $3,200 region was a powerful demand zone. However, overall trading conditions remain volatile, volatility remains elevated and speculative activity dominates the market.
Featured image from ChatGPT, chart from TradingView.com
