Ethereum (ETH) has broken out of its 30-day consolidation phase, surpassing $2,800 for the first time since February 25. Meanwhile, open interest has reached an all-time high of $41 billion, driven by increasing speculative trading. As derivatives market activity and daily trading volumes surge, the question remains—will Ethereum finally push past $3,000?
Ethereum Breaks Out of 30-Day Range
For the past month, Ethereum has been oscillating between $2,400 and $2,700, with buyers and sellers locked in indecision. Now, ETH has surged beyond this consolidation, signaling the potential for a larger price movement. The breakout was marked by a strong bullish candle closing above the upper boundary, which has now become a crucial support level.
Maintaining this upward trend could strengthen buyer confidence, with $3,070—the 61.8% Fibonacci level—serving as the next key target. A decisive break above this psychological resistance may spark further momentum, potentially driving ETH past $4,000.
The 50-day SMA crossing above the 150-day SMA reinforces the bullish outlook. Buyers may be waiting for a definitive crossover to confirm a rally, boosting buying pressure.
While Ethereum’s RSI currently sits at 65, signaling bullish momentum, it has turned slightly downward, suggesting traders might be anticipating an SMA crossover. Still, historical trends from November 2024 and May 2025 indicate that RSI levels can rise above 70 before retracement.
Open Interest Hits $41 Billion, A Sign of Increased Speculation
Ethereum’s open interest has skyrocketed to $41 billion, reflecting growing leveraged positions as traders brace for a major price move. The influx of capital into ETH futures and perpetual contracts typically precedes heightened market volatility.
The impact of this surge will depend on whether long or short positions dominate. According to data, the market positioning appears balanced, with a long/short ratio of 1. However, Binance data shows that 55% of traders are long, while 44% are short sellers.
A buildup of long positions could expose Ethereum to a long squeeze, triggering a sharp price drop. Conversely, an influx of short positions might fuel a short squeeze, potentially driving prices higher.
What’s Next for Ethereum Price?
Ethereum’s breakout marks a significant shift in market sentiment, signaling the possibility of a sustained uptrend. Trading above the $2,680 resistance, which has held firm since early May, increases the probability of an imminent rally toward $3,000.
This bullish momentum is further reinforced by Ethereum’s record-breaking $41 billion in open interest, pointing to rising speculative trading activity. Increased volatility is likely as traders position themselves for Ethereum’s next move.
From here, Ethereum’s path largely depends on whether sidelined buyers begin accumulating. If the price holds above its new support level, the uptrend could continue. However, if ETH struggles to maintain this breakout, the rally may lose steam.
It’s important to note that cryptocurrency remains an unregulated digital asset, not recognized as legal tender, and is subject to market risks. The information provided should not be considered financial or trading advice. CryptoNow holds no responsibility for any investment decisions made based on the content of this article.
