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Ethereum (ETH) market rebounded by 12% in the last couple of hours after Fed Chair speech. Jerome Powell said that the labor market remained near highs as inflation cooled despite being elevated recently. The decline in inflation sparked a U-turn in the crypto and stock markets.
During this recovery, Ethereum outpaced Bitcoin (BTC), which saw a surge of 3.4% only at the time of writing, reclaiming $115,000 price mark. Ethereum’s performance against BTC is expected to continue with today’s recovery serving as precedent. Here are more reasons why this could continue.
Ethereum Outpaces Bitcoin In Futures Volume
The futures markets account for the most trading volume in crypto. Spot trading markets barely match their daily figures. As for the past three months’ data, Ethereum pairs have maintained a higher volume than Bitcoin pairs.
The dominance heatmap from Coinalyze showed that altcoins dominated, accounting for more than 50% of the two. That of BTC had dwarfed ETH’s volume since the start of 2024 to May 2025.
The question now remains if the same dominance will continue with the markets now in full recovery mode. Earlier anticipation was that Jerome’s speech would bring the volatility as seen.
BTC OGs Shifting to ETH as Accumulation Escalates
Apart from the futures volume dominance, Bitcoin OGs were also reading the same script. Over the last few months, they have been swapping their BTC for ETH.
One such activity was reported by analysts Ted Pillows on X (formerly Twitter). The BTC OG liquidated his Bitcoin position for $267 million and bought a spot ETH position of equal amount. The whale went ahead to open another long position worth $577 million. The whale facilitated the trade through Aave Protocol (AAVE) protocol. His total position on ETH at the time of writing stood at $844 million.
Additionally, Ali Charts noted massive accumulation at $4,200. This zone held more than 628,560 ETH tokens, more than what was bought at $3,600 (roughly 413,760 tokens). Another whale deposited about $10 million into HypeLiquid and opened a long postion on both BTC and ETH.
All together, retail and big players continued to jointly scramble for ETH despite institutions like BlackRock, Fidelity and GrayScale selling ETH earlier this week.
These buying activities were partially responsible for the bounce. However, there was more to this bounce as far as liquidity and price structure were concerned.
ETH Shorts Liquidated At $4400, Price Targets $5000
Liquidity acted as price magnet. After price bounced, it eyed the liquidation clusters worth millions at the $4,400 mark. The short squeeze due to the bullish charge created more upside momentum as seen in the four-hour candle.
The heatmap from CoinGlass showed that ETH traders were less interested in prices below $4,000. The outlook cemented confidence in more price appreciation.
On the price chart, the ETHUSD chart reflected the underlying strength in the altcoin. Price confirmed the bullish reversal pattern after blasting through the neckline of the head and shoulders. Also, in the daily time frame, ETH completed a bullish engulfing candle pattern, confirming the purchase at $4,200.
With ETH now at $4632, the next target was set around $5000. Analyst Cas Abbe reiterated the momentum, saying, “Now is the worst time to be bearish on ETH.” Continuation of this performance means Altcoin season was up and running.
In summary, ETH could continue outperforming Bitcoin as the metrics stipulate. Still, there was a risk of a fall as the last week has wiped most gains realized by major altcoins and leading memecoins.
