The Ethereum (ETH) price increased to $1,750 on Monday as investors reacted positively to the Futures ETF launch. Key on-chain metrics provide insights into how high the Ethereum price could reach amid the ongoing rally. 

Ethereum (ETH) Futures ETF went live on Monday, sending the altcoin investors into a buying spree. Amid the prevailing bullish sentiment, on-chain data readings highlighted a vital obstacle that could slow the rally. 

In the Spot Markets, Bullish Traders are Firmly in the Driving Seat

Ethereum Futures ETF approval has attracted significant capital inflows to the ETH derivatives markets, as Beincrypto reported last week. However, the bulls have also seized control of the spot markets. 

Aggregate data from the Order Books of 21 recognized exchanges, including Binance and Coinbase, depicts that the bulls have placed active orders to purchase 513,780 ETH. This significantly outweighs the 451,500 ETH sell orders available around the current prices.

The Exchange On-chain Market Depth chart shows the current volume of active ETH spot orders placed across recognized cryptocurrency exchanges. 

As seen above, the market demand for Ethereum has now outpaced supply by more than 60,000 ETH. This suggests that bullish retail market participants have capitalized on the bullish sentiment to seize control of the Ethereum spot market. 

With market demand now outweighing supply, sellers may be forced to raise prices as they compete to fill their orders.