Ethereum climbed back above $2,480 and reclaimed $2,500 as short-term support, with analyst Ted Pillows saying a strong weekly close above $2,550 could open the way to $3,000. Derivatives activity strengthened alongside the move, with open interest and trading volume both rising.
Ethereum traded above $2,480 on Wednesday as broader cryptocurrency markets advanced alongside Bitcoin. The token also reclaimed $2,500 as short-term support, a move that has strengthened expectations for continued upward momentum.
Analyst Eyes Breakout Toward $3,000
Analyst Ted Pillows said Ethereum is once again nearing the $2,550 level it has tested over the past week. In his view, a persuasive close above that threshold by the end of the week could send the price toward $3,000.
The weekly chart puts Ether near $2,519, after the token bounced back above its 50-week exponential moving average near $2,383. According to Ted Pillows on X: "$ETH is moving towards the $2,550 resistance again."
Ether also remains close to the 100-week simple moving average around $2,512, an indicator that crosses current price action and adds pressure in the short-term resistance area. The chart identifies next resistance near $2,800 if Ether breaks out above $2,550, which could strengthen the case for a later advance toward $3,000.
Failure to break above $2,550 would leave the breakout unproven and expose Ether to a fresh wave of weakness, with initial key support near $2,185 where buying interest had stabilized the price. The RSI stood at 52.45, indicating neutrality, while the MACD dropped under its signal line, pointing to less short-term momentum.
Regulatory and Rate Signals Could Support the Rally
Ethereum could rally toward $3,000 after reclaiming $2,500, which now offers important short-term support. The positive performance of the CLARITY Act might enhance regulatory confidence and raise institutional demand. Meanwhile, a dovish FOMC meeting or a signal of lower rates could boost risk asset appetite, and further gains in Bitcoin would also lift market mood and help Ethereum overcome further resistance.
Derivatives Volume and Open Interest Surge
Ether derivatives trading activity increased as volume surged 20% to $40.87 billion, indicating renewed market participation. Open interest rose 1.35% to $33.72 billion, meaning traders widened their positions. Options volume also improved 3.97% to $814.91 million, while options open interest increased 0.70% to $6.83 billion, contributing to a broader rise in Ethereum's derivatives market.
The numbers indicate better aggregate participation, though the growth in open interest was rather low.
Source: CoinGape
Trading involves risk.
Risk Disclaimer
