Ethereum is beginning to show signs of renewed strength after a quiet stretch. Over the past week, the digital asset has risen more than 3%, despite a brief pullback in the last 24 hours. That short-term dip hasn’t dampened interest. In fact, recent data shows Ethereum may be setting the stage for a more sustained upward move.
A key driver of that momentum is growing activity in Ethereum futures. Data from Glassnode, a market analytics platform, shows that open interest (OI) in ETH futures recently hit a record high, surpassing $20 billion.
Typically, this increase could reflect stronger investor participation and more capital entering the space. Glassnode also notes that much of this new capital is coming through stablecoins. The total market value of this digital asset class has reached $228 billion, up 17% since January.
Ethereum started climbing in early April after a long decline, gaining nearly 100% between 9 April and 11 May. After that, it traded sideways for several weeks. On 10 June, it broke above a key resistance level at $2,740, then retested that level on 11 June.
A further rise was expected after the retest, but the price has stalled — likely due to weakness across the broader crypto market. Holding that level is often seen as confirmation that a new trend is forming.
Technical indicators also support this view. Both the 50-day and 100-day simple moving averages are sitting below Ethereum’s current price, which could be interpreted as a bullish signal. The Relative Strength Index (RSI) is currently around 62. That suggests positive price pressure without entering overbought territory, leaving room for further gains.
Ethereum is not only gaining value on its own but is also outperforming Bitcoin, signalling growing investor confidence. This strength is reflected both in market data and the actions of large holders, or “whales.”
Van de Poppe explains that Ethereum is consolidating because many traders are taking profits from their positions. He says if this consolidation continues a little longer, it could be a great time to enter before the next upward move begins. The analyst expects ETH could move towards the $3,400 to $3,500 range in the short term.
Market analyst Rekt Capital has noted that Ethereum has consistently retested the $2,500 support level over the past five weeks. This level acted as a strong foundation for rallies in August 2021 and early 2024, both leading to gains near $4,000.
Based on this historical pattern, and now that ETH has broken above $2,500 and is forming support around $2,700, there is potential for further upward movement. Additionally, if the broader crypto market improves, it could create positive momentum for Ethereum, possibly driving prices higher.
