The price of Ethereum (ETH) broke out of an all-time low, while the futures interest rate rose to $19.8 billion. ETH trades near $1,928, up 5.2% in the last 24 hours.
Color trends, data blocking, and long-term trends are now pointing in the same direction. However, one missing factor still makes the explosion unconfirmed.
Futures Traders Return as Open Interest Approaches $20 Billion
Glassnode data shows Ethereum futures open in total interest rose to $19.8 billion on July 14. That’s the highest reading since June 3, when the global trading market reset.
Open interest measures the number of outstanding contracts. Rising interest rates along with rising prices indicate that new funds are coming into the market and not short just to cover.
The metric fell to about $15.5 billion at the end of June. Its sharp recovery shows that traders are returning to ETH derivatives for sure. A nice bonus on Ethereum supports the same reading.
Whale trader Machi Big Brother reportedly opened a $24.3 million ETH long 25x extension, stopping the setup at $1,833.
A move back below the June bottom would reverse this indicator and show that the new high was short-lived.
Long-Term Reduction in Year-to-Year Low of 4% Points to Short-Term Squeeze
The composition of recent liquidations strengthens the bullish case. Ethereum’s long-term dominance fell to 4%, its lowest share of the year, according to Glassnode.
In general terms, only 4% of the positions removed were long. The remaining 96% were short traders who were forced to exit when the price went too high.
However, compression-driven assemblies come with a caveat. A short forced cover can exaggerate the move, like June 3 liquidations cascaded to exaggerate the downside. Demand for land must follow in order for migration to occur.
A reversion to authority above 50% would indicate that the patience is also losing momentum and would weaken the signal strength.
Ethereum Price Holds Current Line From 2022 Bottom
The weekly chart shows why the current level is so important. The trend is rising from the bottom of June 2022, respected in the previous bull market, which also happened near $1,600.
The breakout also occurred within the important green long-term zone that has been supported four times since the beginning of 2023. Also, this zone is connected to the 0.786 Fibonacci retracement of the $1,754 cycle.
This triple connection of trend, horizontal support, and Fibonacci level makes this region a line in the sand. The next major resistance is at the top, at the 0.618 Fibonacci retracement of $2,438.
ETH Price Prediction as $2,000 Test
On the daily chart, Monday’s 6.5% green candle broke above the long-term downtrend line. That line rejected the price of ETH five times before this.
The daily Relative Strength Index (RSI) determines the speed of change. It broke out of its downward trend, created since July 2025, and is now below 65.
One warning sign remains. The volume has been decreasing during the recovery period, so the explosion is not guaranteed to participate. Experts are looking ETH/BTC ratio You can see the history of changes in the Ethereum exchange for several years on the chart on this page.
That resistance is between $1,900 and $2,000. A daily close above that zone on rising volume could pave the way to $2,438, about 30% above the current price.
Below that, $1,754 is the required support. Losing it would reveal a trend near $1,600, and a weekly close below that level would destroy the bullish order completely.
When each volume reaches to confirm the explosion, or ETH returns to the area it has already saved four times.
A note Ethereum Breaks Major Resistance to $2,000: How High Will ETH Go? appeared for the first time BeInCrypto.
