Ethereum price made a bold comeback as it recorded a 5.2% jump with a 88% surge in its daily trading volumes to $22.5 billion. Meanwhile, the ETH futures open interest is rising toward a new high, suggesting resurgence of interest among derivatives traders.
The data from Coinglass shows that a major part of the open interest remained relatively stable with small price fluctuations. However, since October, both indicators have increased significantly, and the open interest approached the $40 billion value, and the ETH price reached over $3,500 by June 2025.
The increasing price and open interest usually indicates weak confidence among short traders, resulting in a surge in long positions. Let us now understand the technical sentiment and possible Ethereum price prediction for the week!
The Exponential Moving Averages (EMAs) helps determine the strength of the trend at various durations (20, 50, 100, and 200). In the Ethereum price chart, all 4 EMAs stand below the price mark, indicating a strong bullish price action for the largest altcoin in the crypto market. Notably, these EMAs, in combination, act as major support for ETH currently, allowing investors to make a more accurate decision.
The Stochastic Relative Strength Index (RSI) shows the position reversal just above the oversold range in the daily time frame. This highlights a potential trend reversal for the Ethereum price in the market. Considering the present chart conditions, the price of ETH could continue gaining momentum this week.
How High Will ETH Price Rise?
Maintaining the value above the $2,600 mark could result in this altcoin retesting its upper resistance level of $2,800. A sustained bullish action may push the price toward its upper price target of $3,000 or $3,200 in the upcoming time.
Conversely, increased liquidation may pullback the price toward its immediate support level of $2,600. Whilst, a surge in negative sentiment could result in it plunging toward its lower support zone of $2,400 this month.
Also Read: SEC Delays Decision on Franklin Templeton’s Ethereum ETF Staking
