Ethereum (ETH) Rally Begins as Open Interest Hits 3-Month High

Ethereum (ETH), the second-largest crypto asset by market value, has moved out of a multi-week trading range and pushed above key resistance. The shift follows increases in trading volume and activity in both derivatives and spot markets.

Ethereum Breaks Out Above $3,330

Ethereum moved past the $3,330 level, confirming a breakout from a symmetrical triangle on the daily chart, according to chartist Ali Martinez. This pattern had formed during a period of sideways movement.

The short-term trend has turned upward following the breakout, with attention now on whether ETH can reach $3,600 and eventually $4,000. The structure is still intact, provided that ETH continues to be above $3,300, where $3,000 is the support and $2,600 as the lower boundary of the previous range.

In addition, Michaël van de Poppe noted that Ethereum held its 21-day moving average, which has supported a short-term uptrend since mid-December. “Now, it’s ready to make new highs and continue the uptrend,” he said, adding that the $3,800 area is his next target.

Meanwhile, Daan Crypto Trades pointed to $3,350 as a key level. However, he cautioned that it remains a resistance until proven otherwise, depending on the daily closing strength around that level.

Momentum Builds as Price and Volume Climb

At the time of writing, ETH is trading at around $3,300, showing a 24-hour gain of 6% and a 7-day rise of almost 4% (per CoinGecko’s data). The move above $3,300 followed several failed attempts and was supported by an increase in volume. A reclaim of $3,450 is seen as key for a faster push toward $4,000.

As previously reported, a MACD golden cross has formed, along with a crossover between the 9- and 21-day moving averages. This setup has appeared in previous cycles before extended price moves. Ethereum is now attempting to sustain these gains while testing overhead resistance.

Open Interest Reaches 3-Month High

Open interest in Ethereum futures on Binance has risen to $8.6 billion, its highest level since October 9. This follows a long period of stabilization after sharp liquidations brought open interest below $7 billion in late 2025. Arab Chain reported that the increase may reflect growing trader interest.

While the rise appears steady, analysts warn that continued spikes in open interest may raise volatility risk if the price reverses.

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