- Ethereum’s breakout from a falling wedge and successful support retest near $2,300 signal renewed bullish momentum into 2025.
- Rising open interest from $3.6B to $5.1B on Binance and $17B globally shows surging institutional confidence in Ethereum’s rally.
- Volume spikes and synchronized gains in price and derivatives open interest confirm strong technical and market structure support.
Ethereum ($ETH) has reclaimed a critical technical zone, igniting fresh optimism among traders and analysts. According to Crypto Candy, the weekly chart shows a decisive breakout from a falling wedge pattern. The price currently sits at $2,549.30, reflecting a solid bounce from 2025’s lows. Importantly, it is now retesting a key support range between $2,100 and $2,300. If this zone holds, the next logical target appears to be $2,800 or even higher.
Source: Crypto Candy
Technical Foundations Strengthen
Besides the bullish wedge breakout, the broader market structure reinforces the rally’s strength. Ethereum experienced a rally earlier in 2024, rising from around $2,000 to nearly $4,000 by March. Following that surge, a long consolidation followed, trapping price between $2,800 and $4,000. However, a breakdown late in 2024 saw ETH dip below support and fall towards $2,200 in early 2025.
Consequently, the recent recovery signals renewed market confidence. Support levels now rest firmly at $2,290, $2,245, and $2,135. Meanwhile, critical resistance zones stand at $2,838, $4,115, and higher targets projected into 2026. Additionally, volume activity spiked during major price moves, further validating trend reversals.
Open Interest Reveals Strong Institutional Inflows
Moreover, HolaItsAk47 highlighted another bullish dimension—Ethereum’s derivatives market. Over the past month, ETH open interest on Binance jumped from $3.6B to $5.1B, a 41.6% increase. Across all platforms, total ETH futures open interest now hovers near $17B. This surge aligns with the price rise from $1,600 to $2,663, suggesting strong institutional backing.
Source: HolaItsAk47
The one-month chart from April 22 to May 22 shows synchronized growth in both price and open interest. From May 6 onward, ETH experienced rapid gains, pushing the price from $3.5B to $5.5B. Open interest climbed sharply as traders increased exposure, indicating confidence in sustained upside momentum.
