Ethereum is Ready for a Breakout

The Open Interest on the chart is approximately 7.8B, and the price is around $3100. This level is neither excessively low nor high; in other words, the market positions are being maintained, and we can infer that.

Recently, $ETH price has been trending slightly upward. Similarly, the Open Interest is increasing. This means that while new positions are being opened, old positions are also being maintained. Investors in the market are not without positions. Volatility is increasing, and a squeeze environment is forming.

The Open Interest SMA(30), SMA(50), and SMA(100) are all trending upward, above their respective averages. This indicates an increased willingness to take risks again in the leveraged market. If #ethereum price stays above $3000 and the increase in Open Interest continues gradually rather than with sudden jumps, it will produce a controlled upward movement supported by spot. In this case, the price will continue to rise toward the $3700 level. My bias is also in this direction.

A breakout is currently being prepared for Ethereum. As Open Interest increases, investor demand grows. We may see a sharp move in the short term. The market will either ease with a positive breakout or be cleared out through liquidation. My expectation is that the $3324 resistance will be positively broken and continue toward $3700, then revert to the main downtrend. #ETH

⚠️ #advertisement or investment advice is not provided. This analysis is my personal opinion. It does not guarantee certainty.