Ethereum traders are shifting back to leverage as ETH nears a critical zone, leading in futures-to-spot ratio at 6.84. Derivatives traders prefer ETH over Bitcoin, with a bullish technical structure targeting $3,390. Ether’s futures ratio on Binance hit Q4 high of 6.84, surpassing Bitcoin and Solana, signaling increased leveraged exposure.

As Bitcoin open interest declines, Ethereum’s OI remains stable, suggesting a risk capital shift from BTC to ETH. Analysts are divided on ETH’s next move, with some expecting a breakout to $3,390, while others warn of a potential downside extension. Market watchers anticipate a possible “Ethereum Santa rally” in December amid a softening Bitcoin dominance.

Read more at Cointelegraph: ETH Futures Surge Against BTC As Traders Eye $3.4K