Last week, Ethereum's open interest (OI) jumped by 7.4%, indicating a robust setup that has historically led to bullish trends 75% of the time,
as noted by on-chain experts
. The digital asset has bounced back 11% from its November 22 dip below $3,000, reclaiming the crucial $2,800 support level amid growing institutional interest and changing macroeconomic factors. Capriole Investments
highlighted a surge in Ethereum demand
, tracking the difference between new coins issued and dormant supply, which reached 90,995 ETH on November 26—up from 37,990 ETH the previous week and marking a 26-month peak. Historically, this indicator preceded a 165% rally at the start of 2024, pointing to aggressive buying during pullbacks and hinting at a possible move toward $3,600.
Optimism is also being fueled by the Federal Reserve's planned conclusion of quantitative tightening (QT) on December 1. Analysts observe that previous pauses in QT have typically increased liquidity in crypto markets, providing a boost for ETH. At the same time,
spot Ethereum ETF inflows have reversed
, bringing in $230.9 million over three straight days after a previous outflow of $1.28 billion. These inflows, together with
BitMine Immersion's latest acquisition
, of 69,822 ETH—which raises its total holdings to 3.63 million ETH, or 3% of the circulating supply—are seen as key supports for Ethereum's price.
Technical signals further strengthen the bullish outlook.
Ethereum
is now
trading close to $2,830
, fluctuating between $2,760 and $2,890 over the last day. Major resistance is found between $2,870 and $2,960, while stronger support is seen at $2,720 and in the $2,400–$2,500 range
based on technical analysis
.
Experts point to the $2,830–$2,835 zone
as a pivotal area: maintaining levels above this could spark a rally as large holders secure profits, but dropping below $2,770 might trigger renewed selling.
Market volatility is being heightened by leverage-fueled surges.
Data from CryptoQuant reveals
that the Leverage-Driven Pump indicator has signaled six times this month, with four of those moves partially or fully reversing. While this points to short-term turbulence, ongoing institutional buying and a decline in ETH held on exchanges—which suggests more long-term staking and holding—are providing a price floor
according to market analysts
.
Longer-term projections differ significantly. A cautious outlook sees ETH reaching $6,500–$8,000 by 2025, while more optimistic models forecast prices above $10,000 by 2030,
depending on continued upgrades
such as the Fusaka network improvement slated for December. Nonetheless, challenges remain, including regulatory risks and competition from other blockchain platforms.
Several upcoming events will challenge the market's strength. The Federal Reserve's PCE inflation report, Ethereum's December upgrade, and ongoing ETF inflows will be crucial in determining if the current rally can turn into a sustained recovery. For now, traders are watching the $2,835 level closely, as further upward movement will rely on holding key technical supports and clarity on broader economic trends.
