Ethereum (ETH) is showing bullish momentum after a market structure shift and reclaiming key support. Rising derivatives activity also reflects stronger trader participation, while positive funding suggests bullish positioning remains in place. However, Ethereum must defend its support zones to sustain the broader upward structure.
As of now, according to CoinMarketCap data, Ethereum is trading at the price of $2,760.10, with an increase of 5.78% in the past 24 hours and rising 10.1% over the past week.
ETH Price Targets $2,900 After Bullish CHoCH Formation
According to a prominent crypto analyst, Crypto Patel, Ethereum has formed a higher-timeframe bullish Change of Character (CHoCH). ETH also showed strong upward movement from the $2,300 demand area, signaling a possible shift in its broader market structure.
Ethereum has reclaimed the $2,483–$2,584 Fair Value Gap, making this range an important near-term support zone. Holding above this area could help ETH maintain its bullish structure, while continued buying pressure may open the path toward higher liquidity levels.
The next major area sits between $2,715 and $2,900, which represents an upside Fair Value Gap and potential liquidity target. Beyond that, Ethereum could encounter stronger resistance around $3,070–$3,404, where a bearish order block and FVG are located.
The current setup depends on whether ETH can defend $2,360 and preserve its broader structure. A break below $2,300 could weaken the bullish case and bring the $1,647–$1,744 FVG into focus. Until then, traders may watch the reclaimed $2,483–$2,584 zone for confirmation.
Ethereum Derivatives Volume Surges as Open Interest and Options Activity Rise
CoinGlass data shows Ethereum futures volume climbed sharply, while open interest also increased. Options activity strengthened further, suggesting traders are taking larger positions across the derivatives market as ETH remains under active speculative pressure, with the price also holding above the reclaimed $2,483–$2,584 support zone.
The derivatives positioning leans slightly toward longs, with the 24-hour long/short ratio above one. However, liquidations were heavily concentrated on the short side, with short liquidations accounting for most of the total cleared positions over the past day.
Ethereum’s OI-weighted funding rate has stayed mostly positive across the chart, although several negative periods appeared during earlier price weakness. The recent reading suggests longs are still paying a premium, reflecting continued bullish positioning in the derivatives market.
