Ethereum Price Analysis: What Will ETH Price Be After a 50% Rise This Month?

Ethereum continues to consolidate just below the important resistance zone after an impressive bullish run earlier this month. Although the price is still technically increasing, ETH has not yet confirmed a breakout above this critical level. Technical Analysis Daily Chart On the daily chart, ETH is trading just below the confluence of the 200-day line and the supply level of $2,800. However, the 100-day moving average is currently below the asset, providing support just under the demand zone of $2,100. With the price stuck between these two moving averages, a breakout to either side could be the start of a new impulsive move. Meanwhile, the RSI index is at around 66, just below the overbought level but showing a downward trend, reflecting a slowdown in bullish momentum, with a bearish divergence forming, indicating the possibility of a correction in the coming weeks.

4 Hour Chart Dropping lower on the 4-hour timeframe, Ethereum is showing signs of weakening momentum. After the explosive move above $2,100, the price has consolidated in a narrow ascending channel near the range of $2,500–$2,600. However, the RSI has shown a slight upward trend, indicating that momentum is gradually shifting in favor of buyers on this timeframe. However, for any meaningful rally to start, the market needs to break out of the channel with force and volume. Otherwise, a drop below the $2,600 level, which is currently serving as a short-term support level, will likely lead to a channel breakout and the price falling back to the $2,100 demand zone.

Ethereum's open interest has surged, currently at $18.5 billion, approaching the previous all-time high recorded earlier this year. This significant increase in open interest, along with rising prices, indicates the accumulation of leveraged long positions across the market. Although this often indicates a strong bullish sentiment and trader confidence, it also carries risks. When open interest rises sharply without a clear breakout, it can signal overextension and increase the likelihood of a pullback due to liquidations. The current position reflects high expectations for a breakout above $2,800. However, if ETH does not break through that resistance level, the market may witness a rapid correction as long-term buy orders using excessive leverage are liquidated.