Ethereum Derivatives Stay Strong Despite DeFi Hacks as ETH Targets $2,600

Ethereum’s derivatives market is showing resilience despite recent decentralized finance (DeFi) hacks and growing economic pressure, keeping expectations alive for a possible move toward the $2,600 price level. Although Ether (ETH) failed to maintain momentum after briefly touching nearly $2,380, professional traders have not shifted into bearish territory.

ETH has struggled to break above the $2,400 resistance level over the past four weeks, leading some investors to question whether momentum is fading. However, derivatives data suggests large traders remain relatively calm.

ETH Futures and Options Point to Stable Sentiment

Ethereum perpetual futures funding rates stood near 5%, slightly below the neutral range of 6% to 12%. While this reflects cautious sentiment rather than strong optimism, it is still an improvement from the negative funding rates recorded last week, which often signal bearish control.

Options market activity also paints a steady picture. Since May 4, demand for put options, often used for bearish strategies, has remained lower than call options on major trading platforms. This suggests whales and market makers have not turned negative on ETH.

DeFi Hacks and Economic Pressure Continue

Recent DeFi incidents, including the Kelp DAO rsETH exploit that affected lenders such as Aave, created concern across the market. Additional protocol losses at Ekubo and TrustedVolumes also added pressure. At the same time, rising inflation and higher oil prices have weakened overall market confidence.

Ethereum TVL and ETF Demand Support Price Outlook

Despite challenges, Ethereum still controls about 53% of the total value locked (TVL) in DeFi and continues to attract institutional interest through spot Ethereum exchange-traded funds holding around $11.6 billion in assets. These factors continue to support the possibility of ETH reaching $2,600 if market conditions improve.