- Ethereum holds strong above $3,500, signaling bullish continuation after a 70% rally since late June.
- Open interest hits a record $50B, indicating heightened speculation and big-player activity in ETH markets.
- Next resistance sits near $3,742, with a clean breakout potentially opening doors to $4K–$4.2K in the short term.
Ethereum’s still hangin’ on tight above the $3,500 mark—a level it reclaimed late last week—and honestly, that’s got folks feeling more bullish than they’ve been in a while. Since the end of June, ETH has jumped over 70%, and it’s starting to look like we’ve entered a whole new phase here. The momentum’s shifted, no question. Bulls have stepped in, and they’re not exactly being shy about it.
And now? Traders are buzzing. Open interest in Ethereum has just hit an all-time high, according to CryptoQuant data. That’s a big deal. It usually means more money’s flowing into the market, especially into derivatives, and that kind of build-up often hints that something big’s around the corner—whether up or down. But with ETH pushing higher and technicals looking sharp, the odds lean bullish.
So yeah, if bulls can keep this thing steady above $3,500, we might be looking at the start of another leg up. Nothing’s guaranteed, obviously. But if this momentum holds, the next week or so could get real interesting.
Open Interest Hits Record Levels—Traders Buckle Up
According to analyst Ted Pillows (yes, that’s really the name), Ethereum open interest just blasted through a record $50 billion. That’s not small potatoes. “Buckle up and enjoy the Ethereum ride,” he said on X—and look, it’s hard to disagree.
High open interest means big players are placing their bets. Could be a breakout, could be a correction… but based on how things look now—macro trends, steady network growth, regulatory clarity—it seems like the bulls might actually have the edge this time.
Plus, ETH’s network metrics are healthy. We’re seeing more active wallets, stronger validator activity, and Layer 2s picking up steam. And with the GENIUS Act now giving some regulatory shape to things like stablecoins, ETH stands to benefit big-time—it’s still the backbone of DeFi, after all.
ETH Aims for Higher Targets After Breakout
Zooming out a bit, ETH just confirmed a breakout above $3,500, closing in at $3,588.26 on the 3-day chart. This thing has climbed 70% in under a month. It’s cleared its major moving averages—50, 100, and 200—which adds some real weight to the move. That’s not just retail hope, it’s technical confirmation.
Volume’s been climbing too. So this isn’t a weak breakout. Next up? The resistance zone at $3,742.95. That’s the level that capped ETH earlier this year. If bulls push through that ceiling, we could be looking at a retest of the $4K–$4.2K range. Big if, but definitely on the table.
If ETH slips? Keep an eye on $2,852.16. That was a consolidation zone and a springboard earlier, plus it lines up with the 200-day SMA. Losing that level could throw cold water on this whole bullish setup.
