Ethereum (ETH) is currently trading at approximately $3,065, with a notable 24-hour trading volume reaching $30 billion. The cryptocurrency has seen an increase of 9% over the past day and 4% over the week, positioning it near a critical support level at $2,800 that may dictate its short-term trajectory.
According to crypto analyst CryptosRus, ETH has shown signs of recovery after a recent downturn, yet it remains close to this pivotal level. The daily price charts indicate a bullish candle formation, although a decisive breakout is still required for sustained upward momentum. Traders are particularly focused on the higher low trendline, which could signal a potential rise towards $3,700.
Data from Binance reveals that Ethereum”s leverage ratio is currently at an all-time high of 0.57, as reported by CryptoOnchain. This figure suggests that many traders are utilizing borrowed funds for their positions. In contrast, open interest has fallen to $6.6 billion, indicating that weaker positions may have been liquidated. This combination presents a mixed market setup, as high leverage increases risk while the decline in open interest implies that the excesses may have been cleared.
Short-term traders are monitoring key levels closely. Analyst CRYPTOWZRD noted that the $3,055 mark has emerged as a significant intraday resistance. Although ETH has performed well, there are indications of a potential double-top formation. Should the asset maintain support around $2,880, traders may consider long positions if buying interest materializes.
On a broader timeframe, recent analyses from CryptoPotato suggest that ETH is forming bullish patterns, including a wedge and an inverse head-and-shoulders, which could pave the way for a breakout above $4,500. Institutional interest remains robust, with BitMine, associated with Tom Lee, acquiring over 30,000 ETH valued at nearly $92 million. This acquisition underscores a growing appetite from larger market participants, even as the market hovers near this critical juncture.
