Ethereum Holds Above $2,300 As Open Interest Expansion Reinforces Uptrend Stability
Ethereum is showing renewed strength as the market tests key resistance levels following a prolonged period of downward pressure and consolidation. The recent price action suggests that buyers are gradually regaining control, with ETH attempting to build momentum as traders evaluate whether the current move can evolve into a broader recovery. Following that low, Ethereum established a base between $1,900 and $2,100, forming a consolidation range before breaking higher. The recent move has allowed ETH to reclaim the short-term moving average, which had acted as persistent resistance during the downtrend. This shift suggests that short-term momentum is now favoring buyers, at least in the near term.Related Reading
However, the broader structure remains mixed. Price is still trading below the 100-day and 200-day moving averages, both of which continue to slope downward. This indicates that the recovery is still developing within a larger corrective framework rather than confirming a full trend reversal.
The $2,300–$2,400 region now stands as a critical resistance zone. This level aligns with previous support that broke during the February selloff, making it a likely area of supply.
If Ethereum can sustain acceptance above this range, the next upside targets could emerge near $2,700 and $3,000. Otherwise, rejection here may lead to renewed consolidation below resistance.
Featured image from ChatGPT, chart from TradingView.com
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