Price Analysis

Ethereum Price At A Tipping Point, Can Surging Open Interest Fuel ETH Rally Past $3,000?

Ethereum price struggles to reclaim S/R at $2,400 as a bullish wave traverses the crypto market on Tuesday, for a breakout to $3,000.
Published by
Ethereum Price At A Tipping Point, Can Surging Open Interest Fuel ETH Rally Past $3,000?

Ethereum price steadied the uptrend, starting the New Year bullish with a breakout above $2,400. The leading smart contracts token extended the upper leg to $2,432, compelling investors to believe in the likelihood of a breakout to $3,000.

However, caution is advised especially among traders who intend to enter new long positions and those contemplating either closing current open positions or hanging onto the bullish theory.

Advertisement

Ethereum Price Prediction: What Will It Take To Reach $3,000?

Crypto analyst Rekt Capital said via X that Ethereum “may have no choice” but to rally in tandem with Bitcoin, which broke above $45,000 on the first day of the New Year.

The analysts highlighted a breakout from a period of consolidation suggesting that it is only a matter of time before the tailwind behind ETH price intensifies resulting in a remarkable rally.

Meanwhile, Ethereum price is trading at $2,369 amidst a correction from the previous highs. The Relative Strength Index (RSI) reveals that sellers are gaining ground and fast. With a strength of 59 from highs close to the overbought region, the path with the least resistance could remain downwards.

If the short-term support at $2,360 holds, Ethereum price might cut short the forming downtrend while favoring the continuation of the uptrend to $3,000.

The 20 Exponential Moving Average (EMA) (in blue) and the 50-day EMA (in red) are in line to absorb the selling pressure if the decline intensifies over the coming sessions.

Ethereum price daily chart | Tradingview

The same RSI is slightly bullish in longer timeframes like on the daily chart. Based on the trend strength indicator, those holding Ethereum do not need to worry about the lower time frames’ ups and downs but focus on the potential gains likely to follow the consolidation between $2,200 support and $2,400 resistance.

The 20-day EMA reinforces support at $2,280 while the 50-day EMA holds to provide support at $2,179. If Ethereum price overshoots the pivotal level at $2,000, the 200-day EMA (purple) would be in line to prevent losses from reaching the local support at $1,850.

An incoming buy signal from the Moving Average Convergence Divergence (MACD) indicator could help steady the bullish thesis. As traders and investors seek more exposure to ETH, the path with the least resistance is bound to remain upwards.

Ethereum price prediction | Tradingview

Recommended for you: Ethereum (ETH) Price Poised for 2-3x Gains As Per These On-Chain Indicators

Advertisement

Ethereum Open Interest Above $7.5B

The Ethereum futures open interest (OI) is growing steadily to hold above $7.5 billion on Tuesday, according to data provided by Coinglass.

Ethereum OI chart | Coinglass

The persistent rise in OI interest signals that investors entertain a positive outlook for ETH. This backs the bullish narrative in the short term, with Ethereum likely to blast off above $3,000 before the end of January.

Related Articles

Share
John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition

Chainlink price has been carving a path of resilience, supported by steady inflows and consistent…

September 6, 2025
  • Price Analysis

Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut

Cardano price is eying a 30% surge in the coming weeks after forming a highly…

September 5, 2025
  • Price Analysis

ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?

Ethereum ETF products have gained increased attention as the market observes new institutional entries. At…

September 5, 2025
  • Price Analysis

Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?

Bitcoin price has continued to draw attention as the market reacts to fresh catalysts. At…

September 5, 2025
  • Price Analysis

ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?

At press time, ONDO trades at $0.9083, marking a 5.2% drop in the past day.…

September 5, 2025
  • Press Release

Dogecoin Price Forecast as REX Osprey ETF Sparks Hype — Is $5 Within Reach?

Dogecoin price has entered the spotlight again as technical structures and institutional filings spark optimism.…

September 5, 2025