Ethereum (eth) derivatives momentum has flipped positive on Binance, with the futures power index hitting 0.026 as ETH challenges the $2,400 resistance zone.
ETH Futures Reading Turns Constructive
The Binance Ethereum Futures Power 30D Change index has returned to positive territory at 0.026, CryptoQuant analyst Amr Taha said in a note circulated this week.
The reading captures combined futures momentum across open interest, funding rates, taker volumes and price behavior over the past 30 days.
Ethereum traded near $2,378 on May 6 after reclaiming the $2,300 area during the recent recovery, The Coin Republic reported.
Taha compared the current 0.026 print with the 0.0327 reading recorded on Oct. 24, 2023. That earlier figure preceded a strong rally rather than a top.
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Analyst Flags Pullback Pattern
Taha noted that elevated readings on this index have historically marked turning points for ETH.
Extreme positive zones surfaced in March 2024, December 2024 and August 2025, and each was followed by ETH pullbacks ranging from 44% to 61%.
The current level sits well below those crowded extremes. That gap is the basis for calling the recovery early rather than overheated, the analyst said.
Whale wallets accumulated about 230,000 ETH while retail addresses distributed nearly 1.5 million ETH over two weeks, MEXC News data showed.
Liquidations told a similar story. Short positions accounted for $26.1 million of the $38.7 million in 24-hour ETH liquidations, helping fuel the bid into resistance.
Resistance Holds Near $2,400
Ethereum has built a higher-low structure since its February capitulation lows below $1,800.
Price now sits above the 50-day simple moving average and is testing the 100-day, while the 200-day still slopes downward overhead.
Buyers have repeatedly defended the $2,150 to $2,200 zone, and a confirmed break above $2,400 would open the path toward $2,700.
ETH has swung sharply over the past month. The asset bottomed below $1,800 in February before grinding back through the $2,200 to $2,300 band, and traders have watched the $2,400 ceiling reject multiple breakout attempts since.
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