Over the past few days, the Ethereum market has seen a strong uptrend. Amid Bitcoin overcoming the level of $ 7000, Ether received a significant boost, which allowed the main altcoin to become one of the most effective assets this week.

Amid this increased rally, futures trading volumes and the level of open interest (OI) on the BitMEX trading platform increased significantly. Both of these events are a sign that in the near future the increased volatility in the ETH market will continue.

Moreover, analysts note that the formed market structure and bullish conditions favor the movement of the ETH rate to $ 200.

Ethereum volatility will continue in the near future

As a result of the last rally, the Ether rate rose from multi-day lows of about $ 140 to a maximum of $ 175. Cryptocurrency is now trading at $ 170.

In recent days, ETH has risen in price relative to the leading cryptocurrency - this means that the bullish momentum in the altcoin market was stronger. According to the latest data, the increased volatility of Ethereum will continue and, possibly, will increase in the near future.

According to the latest data from the analytical company Skew, on April 6 there was a significant jump in the volume of futures, and this surge occurred at many venues, including Binance, Huobi and OKEx.

                            Ethereum Total Daily Futures Market

As you can see in the above chart, trading volume on the futures market jumped from $ 1 billion on April 5 to $ 3 billion on April 6. The last time this level was reached on March 20, when the cryptocurrency went up from $ 115 to $ 150.

Along with the growth of the futures market, the open interest in Bitmex jumped. This is a sign that retail traders expect continued volatility.

                                ETHUSD Open Interest on BitMEX

Which direction will the ETH go to due to volatility?

Analyst Josh Olshevich recently noted the formation of a bullish pattern of the ascending triangle. The upward breakthrough that followed implies the availability of opportunities to reach the $ 200 mark:

The level of $ 200 is an area of ​​significant resistance and increased liquidity, so long-distance managers can get out of their positions near it, further increasing pressure on the asset.

Although the ether remains strictly dependent on the BTC trend, the consolidation of the leading cryptocurrency can create conditions for further independent growth of the ETH exchange rate.