- Ethereum price holds firm at $3,554, maintaining bullish structure within May’s upward channel.
- Options volume jumps 17.92% to $856.84M, signaling rising demand for volatility exposure.
- Shorts liquidated $22.6M in 24h nearly double longs pointing to growing bullish momentum.
Ethereum price is steadily at $3,554, protecting an important support level of between 3,420 and 3,560. It has been serving as a steady demand zone in the daily chart and has been keeping the bullish market structure of Ethereum intact.
The price is within an upward trend started in early May, and the SuperTrend support at around $3,370-$3,380 further supports the bullish trend. Unless this construction breaks, the Ethereum price is likely to trend upward.
Ethereum Price Eyes $3,700 Breakout Amid Bullish On-Chain Signals
The nearest resistance is at $3,700. A close above this level on consecutive days might catalyze the following leg higher, likely aiming at the $3,880 and $3,950 area. In addition, the psychological level of 4,000 could be reached, followed by the $4,200 resistance.
But a failure to break above the $3,700 level might pave the way to a pullback. Preliminary support is found at $3,300, and there is robust on-chain support at $2,910-$2,925, supported by the long-term holders.
Source: IncomeSharks/X
The Ethereum price is above major moving averages. The 50 day EMA is at approximately $3,460, whereas the 200 day EMA is at $2,990.
These levels remain to serve as a dynamic support and this affirms that the bullish trend is still in position. June broke out of its $3,200-$3,400 range.
Ethereum Derivatives Market Shows Bullish Positioning
On-chain indicators show that total trading volume fell by 31.16% to $61.78B, and the open interest is unchanged at $47.84B.
The volume of options increased by nearly 18.5% to $856.84M, and the open interest increased by 1.98%, reflecting growing interest in volatility plays.
Source: Coinglass
Liquidation data adds to the bullish case. In the past 24 hours, $22.65M in shorts were wiped out, almost twice the amount of longs. If buyer momentum continues, Ethereum could be setting up for a breakout beyond current resistance levels.
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