Overview
- Binance ETH open interest jumped roughly 12% in a day to about $7.1 billion as price pierced $3,100, with CryptoQuant data indicating fresh long positioning and a short-squeeze impulse near that level.
- Analysts highlight $3,020–$3,050 as crucial support and say reclaiming roughly $3,120 (0.618 Fibonacci POI) would validate the move, with a failure risking a deeper pullback toward the high-$2,700s to low-$2,800s.
- Immediate resistance sits around $3,160–$3,240, with a higher band near $3,320–$3,400, while several projections map potential upside into the $3,250–$3,550 range, including a case for ~$3,500.
- ETH logged its first daily close above the 50-day moving average since October 9, and one analysis points to the 200-day near $3,550 as a longer-range objective if momentum builds.
- Commentary notes light liquidity through the weekend and improving ETH/BTC structure, reinforcing a cautiously optimistic stance as traders watch the support retest for confirmation.