Ethereum is holding above $2,300 following a sharp rebound from February’s $1,800 capitulation low. The recovery has pushed ETH through short-term resistance, though it remains below key long-term moving averages.
Derivatives data reveals a strategic reallocation of capital. Open interest has surged by 11,400 ETH on Binance and a striking 2.51 million ETH on Bybit, according to CryptoQuant analyst Arab Chain. This signals growing trader engagement on select platforms.
In contrast, Bitfinex saw a 35,700 ETH decline in open interest, Kraken dropped by 4,300 ETH, and Gate.io showed minimal activity. This divergence suggests cautious risk management in some corners while others double down.
The net increase in open interest supports the stability of Ethereum’s uptrend, indicating sustained liquidity rather than speculative exit.
Ethereum now faces a decisive test at the $2,300-$2,400 resistance zone-formerly support before February’s breakdown. A confirmed breakout could target $2,700 and $3,000. Failure may trigger renewed consolidation.