Ethereum (ETH), the second-largest cryptocurrency by market cap, has made a decisive move above the $2,800 price level, following a sharp rebound from a recent low of $2,483. The recovery highlights growing bullish sentiment in the market, with Ethereum now outperforming Bitcoin in terms of short-term gains.

The turnaround came after ETH found support near the $2,500 region—a level that acted as a strong base for a reversal. Since then, Ethereum has climbed steadily, breaking through key resistance levels at $2,600 and $2,750, before briefly topping $2,832. This bullish momentum has triggered excitement among traders, many of whom now anticipate a continued rally toward $2,920 and beyond.

 Technical Picture: Strong Trend Forms

Technical indicators on Ethereum’s price chart paint a promising picture for bulls. ETH is now trading well above $2,750 and has also crossed its 100-hour Simple Moving Average—a critical short-term indicator of market strength.

A newly-formed bullish trend line on the hourly ETH/USD chart is providing additional support near $2,750, further solidifying the case for higher price movement. Currently, Ethereum is consolidating its recent gains and holding above the 23.6% Fibonacci retracement level, calculated from the $2,483 swing low to the $2,832 high.

Analysts say if ETH can sustain its position above $2,800, the next resistance levels to watch are $2,850 and $2,880. A clean break beyond these levels could open the door to a surge toward $2,920—marking a significant milestone in Ethereum’s recovery journey.

 Market Sentiment Turns Bullish

According to prominent crypto analyst @SkullSignal, Ethereum’s bounce from the $2,385 zone (just above the $2,420–$2,450 support range) was a strong bullish signal. The market rejected further declines at that level, triggering a rapid trend reversal.

As ETH climbed past the mid-range channel, it hit a key target zone between $2,700 and $2,800—confirming the strength of the upward trend. The analyst emphasized that Ethereum has now reclaimed its bullish structure and appears poised for another leg higher, provided resistance zones continue to weaken.

 Record-Breaking Open Interest Hints at Big Moves

Adding to the momentum, Ethereum’s open interest has surged past $40 billion—a record level for the network. This spike suggests a massive influx of leveraged positions in Ethereum’s options and futures markets. While increased open interest typically indicates rising participation, it also introduces a higher risk of sudden price swings.

Data from CoinGlass reveals a nearly balanced liquidation zone on both sides of the market. Around $2 billion in long positions are vulnerable if ETH falls to $2,600, while approximately $1.8 billion in short positions could be wiped out if the price breaks above $2,900. This creates a scenario where market makers may target both ends of the spectrum, leading to unpredictable volatility in the short term.

 What Traders Should Watch Next

Ethereum bulls are now laser-focused on breaking past the $2,850–$2,880 resistance zone. If they succeed, a run to $2,920 could occur swiftly, especially as market confidence continues to rise. On the downside, maintaining support above $2,750 will be key to keeping the uptrend intact.

Meanwhile, traders are advised to be cautious due to the elevated open interest. Large-scale liquidations could amplify price movements in either direction. Those using leverage should consider risk management strategies as volatility may increase in the coming days.

Ethereum vs Bitcoin: A Short-Term Flip?

Interestingly, Ethereum has recently outperformed Bitcoin, despite the broader market remaining cautious. This trend is significant because it suggests capital rotation within the crypto space—potentially a sign that investors see more upside in ETH for now.

As Bitcoin consolidates around $70,000, Ethereum’s aggressive move could be an early indicator that altcoins are beginning to gain strength heading into the next market phase.

 Final Thoughts

Ethereum’s powerful bounce from the $2,483 support level and its subsequent surge above $2,800 have revitalized bullish hopes. With critical resistance just ahead and open interest at historic highs, all eyes are on whether ETH can continue its upward trajectory.

If Ethereum breaks above $2,880 and holds the $2,750 support, a rally toward $2,920—and potentially higher—could be the next major move. However, volatility risks remain, and traders should proceed with both optimism and caution as the market unfolds.