Leveraged exchange-traded fund (ETF) activity on Ethereum (ETH) has surged sharply; the 2x Ether ETF exposure of Volatility Shares has increased 160% since early November. Reflecting increased investor enthusiasm for leveraged Ethereum products, the ETF today accounts for almost half of open interest in Ethereum futures traded on the Chicago Mercantile Exchange.

With futures open interest at a record $21.22 billion, the larger Ethereum market likewise displays notable expansion. Rising 38% during the past month, Ethereum's price now stands at $3,620, therefore closing the discrepancy to its all-time high by 26%. Along with rising liquidity from record stablecoin inflows to exchanges, totaling $60.3 billion, analysts credit the rise to technical breaks at resistance levels of $3,350 and $3,400.

Since the top cryptocurrency stays under $100,000, market watchers point out that Ethereum's increasing speed contrasts with Bitcoin's (BTC) relative inertia. With one-day options exhibiting minimal implied volatility, analysts think spot market activity rather than speculative trading drives Ethereum's climb. Furthermore rebounding from recent lows is the ETH/BTC exchange rate, which points to Ethereum's relative strength against Bitcoin likely further developing. On the other hand, lack of impetus can see Ethereum challenging support at $3,250.