Ethereum holds a positive structure, with its upward momentum stalling near resistance.

Ethereum experienced a notable increase in its on-chain activity earlier this week, especially after the news about the US-Iran ceasefire. CryptoQuant reported that ETH climbed by roughly 6% in just 24 hours, making it the biggest daily gain in more than a month.

A significant factor behind this price movement is a sharp rise in open interest. Open interest based in USD went up by about $2.2 billion, nearly reaching the levels we saw a month ago. What’s more, open interest measured in the coin itself also grew considerably, suggesting this wasn't just short sellers covering their positions. Instead, traders seem to be actively placing new long bets, indicating more confidence in a potential price increase.

This positive market setup also gets support from the Taker Buy-Sell Ratio, which is still trending higher. This suggests that buyers are currently in charge of the perpetual futures market. We can see a similar pattern happening with Bitcoin, strengthening the view that traders are looking for better market conditions in the short term.

The Coinbase Premium Index turning positive is another important sign. This shows that demand from US-based investors is growing. If the ceasefire lasts and no new geopolitical problems appear, this premium could remain high and contribute to stronger prices.

From a technical standpoint, ETH is currently trading around $2,233, following a strong upward push. The market has moved out of its previous downtrend and is now settling just beneath a key resistance zone, specifically between $2,250 and $2,275.

The price action reveals a clear breakout, followed by strong momentum that carried it into this supply zone. Since then, ETH has been moving sideways, which suggests that demand is absorbing the supply rather than an immediate price rejection.

Should prices move lower, the first support level is at $2,190–$2,200, with a more substantial demand zone around $2,050–$2,080. As long as the price stays above these levels, buyers maintain short-term control.

The momentum has eased slightly following the rally, yet there are no obvious indicators of weakness. This kind of consolidation usually functions as a temporary stop before the trend resumes, rather than a full reversal.

If ETH manages to break above $2,275, the next target could be in the range of $2,320–$2,380. However, if the present resistance holds, a move back towards $2,200 is probable. A break below that level would alter the market structure and could pave the way for a more substantial retracement.

In summary, Ethereum still holds a bullish setup, but it’s currently at a critical juncture where its next move will determine the short-term trend.

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