Ethereum has repeatedly failed to break above $2,400, but derivatives indicators still leave room for a move toward $2,600, an analysis said. Futures funding rates have recovered from negative territory, while put option activity on Deribit has stayed below calls since May 4. The report cited macroeconomic uncertainty and a series of DeFi-related hacks, but said these were tied to protocol-specific bugs rather than structural issues in Ethereum.

Bitcoin has climbed back above $80,000, but algorithmic trading firm Wintermute views the move as a short squeeze driven by derivatives liquidations rather than spot-led demand. It cited rising futures open interest and weak spot volumes, warning the rally could reverse sharply without spot buying. Wintermute said funding rates remain below normal and another round of liquidations is possible. It noted supportive longer-term signals including spot ETF inflows and falling exchange balances.