Ethereum is consolidating above $2,600 after reclaiming the level, keeping $3,400 in focus. But the breakout comes as Binance futures volume continues to dwarf spot trading, a divergence analyst Amr Taha calls hard to ignore.
Ethereum Holds The $2,600 Zone
Ethereum is holding above the $2,600 zone after breaking through the level and consolidating above it rather than giving the breakout back. With $2,600 reclaimed, $3,400 remains the next target in focus as long as the level continues to hold.
That is the bullish chart setup. The on-chain numbers, however, add a less comfortable detail.
Futures Still Dwarf Binance Spot Volume
On June 27, ETH traded near $1,560 while the spot-to-futures volume ratio on Binance stood at 6.5%. By October 1, ETH had climbed to roughly $2,700, a gain of about 73% from late June, yet the spot-to-futures ratio had only edged up to 8%.
Put differently, spot volume was still just 8% of futures volume on Binance even as Ethereum added more than $1,100 while spot trading remained below one-tenth of futures activity. According to analyst Amr Taha, that divergence is hard to ignore.
Past Volume Swings Send A Mixed Signal
The current 8% reading looks modest next to earlier peaks. The ratio reached about 45% on April 13, 2026, before ETH later fell roughly 36%. It also hit 114% on November 14, 2025, followed by a decline of about 45%.
Those figures don't prove that higher spot volume causes price declines. They simply show that stronger spot activity relative to futures hasn't consistently translated into stronger subsequent performance.
Source: Coinpedia Fintech News
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