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Ethereum is trading at $2,690, up 1.6% over the past 24 hours, as derivatives exposure contracts and spot demand shifts the ETH outlook to bullish. Whether ETH can clear resistance or if a pause in ETF buying will keep the market confined depends less on leverage rebuilding than on buyers defending nearby support levels.
Open interest in ETH derivatives has fallen to 12.49 million ETH, marking its lowest level since March 1. This represents a decline of 1.46 million ETH since ETH’s recovery began in early July. Additionally, perpetual futures taker buying has remained mostly negative since last week, indicating that active traders are exercising caution.
Spot ETF flows introduce a near-term complication: September 29 saw $2.81 million in net outflows, ending a seven-session inflow streak. However, whale accumulation and earlier ETF demand during the week provide a counterweight. The current setup indicates consolidation rather than a confirmed breakout. The key question is whether spot bids can absorb further selling pressure.
Ethereum Price Prediction: Can ETH Hit $3,000 This Week?
At $2,690, ETH is trading within the recent intraday range of $2,657.09–$2,737.26. Support is concentrated around the $2,657–$2,680 zone. A sustained hold in this area would preserve the current range; losing it would weaken the market structure and increase the risk of another downward leg.
On the upside, the $2,722–$2,822 zone represents the main resistance area. A decisive move through this band could open the path for a test of $3,000, though the market has not yet confirmed this trajectory.
- Bull case: Support holds, spot demand returns, and ETH clears $2,822, putting $3,000 in view.
- Base case: Price remains range-bound while ETF flows and futures positioning reset.
- Bear case: A sustained break below $2,657 invalidates the near-term consolidation thesis.
Declining open interest may reduce the risk of forced liquidations, but it does not generate demand on its own. For a different perspective on ETH’s demand catalysts and key levels, readers can refer to this Ethereum price analysis.
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LiquidChain Targets Early-Mover Interest as Ethereum Tests Key Levels
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