Ethereum (ETH) has posted a strong rebound over the past 24 hours, climbing 4.94% to trade at $3,590 at press time, according to CoinMarketCap.
Its market capitalization has risen to $433 billion, while trading volume surged 58.34%to $35.83 billion, signaling renewed investor activity across the broader altcoin sector. The rally follows an improving macro backdrop as the U.S. government moves toward ending its 40-day shutdown, easing investor uncertainty and reigniting appetite for risk assets.
On Binance, ETH has been fluctuating around $3,580 this morning, showing steady consolidation above the $3,500 threshold. Technical analyst Ted Pillows highlighted that Ethereum is now approaching key resistance near $3,700. A successful daily close above that level could pave the way for a rally toward $4,000, while a rejection could trigger a short-term correction back to the $3,400 support zone.
According to Maartunn from CryptoQuant, Ethereum’s open interest jumped by $1.9 billion (+10.2%) in the past 24 hours, a sign of a leverage-driven pump. Historically, 75% of such spikes tend to revert, suggesting traders should remain cautious of a potential cooldown if long positions become overcrowded.
Meanwhile, on-chain data from CryptoQuant shows a spike in whale-driven activity around the $3,200-$3,400 zone, indicating that large institutional and whale buyers have been accumulating at lower levels.
This behavior often signals the start of early accumulation phases before a stronger breakout trend develops.
If Ethereum manages to maintain support above $3,400 and break through the $3,700 resistance, analysts suggest it could enter a new bullish leg targeting $4,500-$4,800 in the medium term. For now, ETH remains in a critical zone, and the next few daily candles may determine whether this move marks the start of Ethereum’s next major advance.
