Ethereum price has been “slowly grinding up for weeks, leaving the lows untouched,” according to analyst Ted Pillows, who expects those lows could be retested before the next major move.
His outlook puts Ethereum price current resistance and nearby support levels in focus as the price trades close to $2,700.
At the time of writing, Ethereum price is trading hands at $2,698.68, down 0.42% over the past 24 hours.
The price remains above multiple key exponential moving averages, while elevated open interest and ongoing network activity provide additional context for the current setup.
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Why is Ethreum Price Nearing a Major Resistance Level?
On the daily TradingView chart, ETH is trading above its 20-day EMA of $2,656.14, which currently serves as the nearest dynamic support. The 50-day EMA is at $2,500.94, while the 100-day and 200-day EMAs sit at $2,329.60 and $2,293.37, respectively.
After bouncing back from lower levels, Ethereum price recently advanced toward the $2,700 region. If the price manages to break above the current resistance zone, the bullish structure could gain strength, but a failure to break higher might pull the price back to around $2,656 before another attempt.
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What does Ted Pillows anticipate next for Ethereum Price?
In a post on X, Ted Pillows pointed to the recent recovery, observing that ETH has been rising steadily without retesting its recent lows. His chart suggests a possible push toward the next resistance level should ETH break out of the current range.
However, the analyst also expects the recent lows to be retested at some point before the next major move. This makes how the price behaves around the current resistance especially important, particularly if buyers try to build on the recent recovery.
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Does derivatives activity back the ETH Price breakout?
Data from CoinGlass indicates Ethereum’s open interest has stayed elevated following a sharp increase during the second half of August. The metric has held above $30 billion, suggesting that significant derivatives positioning is still present in the market.
When paired with a decisive price move, higher open interest can supply extra momentum, though it may also amplify volatility if leveraged positions are forced to unwind. As a result, ETH’s behavior around resistance and the trajectory of open interest could indicate whether the current setup turns into a breakout or a pullback.
Is network activity helping to drive ETH Price?
According to DeFiLlama, Ethereum’s ecosystem is still seeing considerable activity, with the most recent chart putting total value locked at roughly $54 billion. Active-address activity has remained substantial but has fluctuated across the period shown on the chart.
Taken together, persistent DeFi liquidity and ongoing network participation create a wider context for ETH’s price recovery. That said, these metrics cannot ensure a breakout and must be weighed alongside technical and derivatives data.
As things stand, $2,656 is still a key near-term support level, and whether ETH can secure a decisive move past the $2,700 zone may shape what comes next. If the breakout succeeds, the upside scenario remains in play, whereas a rejection might trigger a retest of support before another push upward.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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