Ethereum’s [ETH] positioning tightens as both long-term and short-term participants align on bullish exposure.
On-chain data shows Tom Lee–linked Bitmine accumulating 48,049 ETH, valued at approximately $140.6 million, signaling strong spot-side conviction with a longer investment horizon.
At the same time, leverage participation has expanded in the same direction. Besides, a prominent whale returned after liquidation with a $1.2 million USDC deposit to open a 25x leveraged ETH long on HyperLiquid.
This move reflects aggressive short-term confidence rather than distribution. Moreover, ETH trades near $2,940, where derivatives activity continues to accelerate.
Therefore, Ethereum now reflects synchronized bullish intent across spot accumulation and leveraged positioning, increasing directional conviction while also concentrating risk sensitivity.
Buyers take control as taker demand accelerates
Futures taker buy dominance confirms that aggressive buyers currently dictate Ethereum’s momentum.
Over the 90-day window, Futures Taker CVD remains firmly positive, showing sustained market-order buying rather than passive accumulation. This behavior suggests traders actively chase upside moves instead of waiting for dips.
As a result, price reacts quickly during intraday rallies. However, taker-driven advances often rely on constant inflows to remain stable.
When momentum slows, sharp pullbacks can follow. Additionally, aggressive buying typically coincides with emotional positioning phases.
Therefore, while taker dominance supports ETH above $2,900, it also raises the risk of abrupt reversals if demand cools.
Source: CryptoQuant
Funding Rates flash warning signs for longs
Funding Rates have surged to around 0.0063, at press time, marking a 268% increase, and signaling increasingly crowded long positioning. Traders now pay significantly higher costs to maintain bullish exposure.
While positive funding supports trend continuation, sharp spikes usually reflect overheating. Moreover, elevated funding pressures weaken participants during minor price dips.
Even small retracements near $2,950 could trigger forced reductions as holding costs rise. Meanwhile, more disciplined traders typically reduce leverage when funding accelerates too quickly.
The funding behavior suggests optimism remains strong, but the rally depends heavily on uninterrupted upside rather than consolidation.
Source: CryptoQuant
Liquidation zones frame the next volatility window
The liquidation map highlights clear downside vulnerability around Ethereum’s current price near $2,940.
Dense long liquidation clusters sit between roughly $2,910 and $2,890, increasing the risk of cascading sell-offs if prices dip.
Conversely, short liquidation liquidity appears thinner above $2,990–$3,020, limiting immediate squeeze potential.
Leverage concentration around 25x and higher further amplifies volatility. As the price approaches these zones, reaction speed increases sharply.
Therefore, Ethereum’s next move likely depends less on direction and more on whether price triggers these liquidation pockets.
Source: CoinGlass
Can Ethereum push higher without a reset?
Ethereum benefits from strong spot accumulation, highlighted by the $140.6 million ETH buy, yet leverage-driven optimism introduces fragility. If ETH holds above $2,900, upside continuation remains possible.
However, crowded longs, rising funding costs, and nearby liquidation zones increase the probability of a volatility-driven reset before any sustained breakout.
Final Thoughts
- Ethereum now reflects broad bullish commitment, with both long-term capital and short-term leverage positioned in the same direction.
- Still, stretched funding conditions and nearby liquidation pressure suggest price strength remains vulnerable to sudden volatility spikes.
