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BTC 
ETH Ethereum returns to the $2500 mark, and analysts point out that a weekly closing above $2550 may push the price towards $3000.
Ethereum (ETH) regained its footing above $2500 and closed around $2550 on the weekly. This technical pattern provides strong support for analysts 'arguments that it may rise further to $3000.
Core Points
- Ethereum successfully regained the US$2500 defense line; analyst Ted Pillows said that if the weekly closing price can effectively exceed US$2550, it will enhance the possibility of the price moving towards US$3000.
- Derivatives trading volume rose 20% month-on-month to US$40.87 billion; open interest increased 1.35% to US$33.72 billion.
- Key technical resistance levels are around $2550 and $2800; if a breakthrough fails, the lower support level is expected to be around $2185.
Analysis of key price levels for Ethereum
On Wednesday, as the broader crypto market followed Bitcoin (BTC) in tandem, Ethereum climbed above $2480, and subsequently re-established $2500 as a short-term support level. The rally once again puts Ether close to the $2550 resistance area where recent rebounds have been blocked.
analyst Ted Pillows pointed out on September 9 that as long as a strong weekly closing price of $2550, it could push Ethereum towards $3000. He wrote in the analysis: "Once the weekly closes strongly above this position, Ethereum is expected to hit $3000."
Judging from its weekly chart released, Ether's current price is approximately US$2519, and it has regained its 50-week exponential moving average at the year-level level (approximately US$2383). However, the 100-week simple moving average at around $2512 still crosses the current price area and could pose additional resistance.
Pillows believes that the next major obstacle after $2550 is $2800. If a breakthrough attempt fails, prices could fall back and expose support near $2185.
Market sentiment and derivatives data outlook
Derivatives data also showed increased market participation. According to Coinglass data, Ether's trading volume increased 20% month-on-month to US$40.87 billion, and open interest increased 1.35% to US$33.72 billion, indicating that traders are actively adding to positions as prices recover.
Options activity increased relatively moderately, with trading volume rising 3.97% to US$814.91 million, and options open interest increased 0.70% to US$6.83 billion. These data point to broader market participation, although the increase in open interest contracts is small enough to independently confirm the establishment of a continued bullish trend.
Potential catalysts and technical indicators
Potential positive factors are not limited to chart forms. The progress of the CLARITY Act, the dovish signal from the Federal Reserve, and the further rise of Bitcoin may increase demand for risky assets. However, with the RSI index at 52.45, the MACD showed a bearish signal, indicating that short-term momentum remained mixed.
In recent weeks, Ethereum has gained enough to allow it to regain its 50-week exponential moving average and start challenging its 100-week moving average near $2512. This makes $2550 the current instant confirmation key. Only if buyers can maintain a breakthrough trend will $2800 and $3000 become follow-up targets worthy of attention.
