Ethereum Price News: ETH Sets Course to $2,800 as Market Turns ‘Greedy’

Ethereum (ETH) has jumped by more than 10% in the past 30 days, currently approaching the $2,400 level, as market sentiment continues to improve.

Trading volumes in the past 24 hours jumped by 25%, currently accounting for more than 7% of ETH’s circulating market cap, as the token has rallied for 3 days in a row now.

Short liquidations during this same period jumped to nearly $300 million. In the past 7 days alone, they have exceeded the $1.6 billion threshold.

Meanwhile, investors have been turning to Ethereum exchange-traded funds (ETFs) to participate in the rally. These vehicles have received positive net inflows for 8 consecutive days, bringing in nearly $494 million during this period.

Ethereum Open Interest Rises as Traders Jump Back Into the Market

We are also seeing an interesting shift in the futures market, as open interest (OI), a metric that tracks the outstanding amount of futures contracts, has been steadily rising for two months.

Even though we are still far from the levels seen in August 2025, back when $60 billion worth of contracts were opened, at $30 billion, traders seem to be progressively buying the rally and positioning for further upside.

What’s even more interesting is that, when measured in ETH, OI actually rose to the levels seen in July – August last year, indicating that traders opened contracts involving 14.4 million ETH tokens. To date, the market’s all-time high sits at 15.33 million or 6% above this mark.

This is a strong indication that traders are coming back to the market at a point when concerns associated with the war in Iran are easing.

The market seems to believe that the worst of this conflict in the Middle East is in the rearview mirror and looks ready to push risky assets, like cryptocurrencies, to new highs.

ETH Nears Key EMA as Market Recovers

Heading to the daily chart, we can see that ETH just broke past its previous high and has consolidated its bullish breakout above the $2,150 ceiling.

As a result, we continue to be on track toward our short-term target of $2,800 for the top altcoin. We have been maintaining this target for weeks now, and are seeing a significant improvement in key metrics like the Relative Strength Index (RSI) during this period.

As of today, this momentum indicator sits at 60, which is typically interpreted as a buy signal. We are now close to hitting the 200-day exponential moving average (EMA), which will conclude a reversion to the mean move.

This technical line sits at $2,650 right now, and we expect a spike in selling pressure once the price hits this mark. However, if the market manages to push through this supply zone, the price action will likely head toward $3,000 ultimately.

These latest moves can still be categorized as a “bear market rally”. However, they could also be marking the beginning of a cycle change, especially if we get strong “buy” signals from on-chain metrics like the MVRV Ratio.