Ethereum (ETH) Bulls or Bears? This Major Level Holds the Answer

Ethereum (ETH) is trading at around $3,065, with a 24-hour trading volume of $30 billion. The price has climbed 9% in the last day and 4% over the past week.

ETH is now sitting near a key level that could decide its short-term direction, as traders keep a close eye on $2,800.

$2,800 Support May Define the Next Trend

Crypto analyst CryptosRus said,

ETH has rebounded after recent weakness, but it remains close to this key zone. Price charts show a bullish candle on the daily close, though a clear breakout is still needed. Traders are watching the higher low trendline for confirmation of a push toward $3,700. For now, short-term setups on smaller timeframes are driving activity.

High Leverage Meets Lower Open Interest

Data from Binance shows Ethereum’s leverage ratio at an all-time high of 0.57, according to CryptoOnchain. This means many traders are using borrowed funds. At the same time, open interest has dropped to $6.6 billion, which suggests “a lot of froth already flushed out.”

Notably, this creates a mixed setup. High leverage increases risk, while the drop in open interest shows that many weaker positions may have already been cleared. Traders are warning that the current build-up could lead to sudden price moves if the market reacts sharply near current levels.

Short-Term Levels and Chart Patterns

CRYPTOWZRD shared that the $3,055 level is now an important intraday resistance. They explained that ETH recovered well but may be forming a double-top.

The next lower support is around $2,880. If the asset holds there and finds buyers, traders may look for long entries.

On higher timeframes, ETH is forming a bullish wedge and inverse head-and-shoulders, based on recent analysis reported by CryptoPotato. These patterns are being tracked by traders expecting a breakout above $4,500.

Meanwhile, institutional buying is also active. BitMine, linked to Tom Lee, recently purchased over 30,000 ETH—worth close to $92 million. This shows growing interest from larger players, even as the market tests a critical zone.

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