Ethereum (ETH) price soared to $3,290 on Tuesday, Feb 27 as the crypto market rally entered second-gear. Amid a boom in DeFi demand, increased staking deposits and the upcoming mainnet Dencun upgrade slated for March 13, bullish ETH futures traders have raised their leveraged positions in anticipation of further price upswing. When the Bitcoin ETF opened trading on Feb 26, there were initial fears that another week of weakening demand could derail the crypto market rally. In effect, many LONG position holders had cutbacks on leverage, in a bid to avoid potential losses. However, as the Bitcoin ETF soared to record trading volumes on Tuesday, the bullish signals rapidly filtered through to ETH traders.