Ethereum News Today: Ethereum Surges 70% in Month, Breaks $3,500 Mark

Ethereum has shown remarkable resilience, maintaining its position above the $3,500 mark, a crucial support level reclaimed last Friday. This stability indicates a renewed bullish momentum in the market, driven by increasing demand and growing institutional interest. Since late June, Ethereum has surged by over 70%, suggesting a new bullish phase. The technical structure and price action align to support further upside, with the momentum clearly favoring the bulls.

CryptoQuant data reveals that Ethereum's open interest has reached an all-time high, indicating heightened trader activity and increased capital in ETH derivatives markets. This surge in open interest often precedes significant price movements, implying that Ethereum could experience heightened volatility and expansion in the coming days. The combination of sustained price levels, strong trend continuation, and increasing participation sets the stage for a potentially explosive move. If bulls can maintain control above $3,500, Ethereum could be poised for a fresh leg higher in the short term. The market is eagerly awaiting confirmation, with all eyes on ETH to see if this momentum can drive it toward new 2025 highs. The coming week could be pivotal for Ethereum’s medium-term trend.

Ethereum’s market setup continues to strengthen, with open interest in ETH derivatives reaching a new all-time high of $50 billion. This level of open interest is historically significant and often signals that large players are positioning for a major move. Such a dramatic increase in capital committed to ETH futures and options suggests rising investor confidence and heightened anticipation of directional momentum. While high open interest can lead to either a sharp rally or a correction, current on-chain and macro fundamentals indicate that the market may be leaning bullish.

Ethereum’s network growth remains steady, with rising active addresses, validator participation, and increased activity on Layer 2s. More importantly, the recent passage of the GENIUS Act provides legal clarity for stablecoins and lays the foundation for broader crypto regulation, directly benefiting Ethereum as the base layer for DeFi and real-world asset tokenization.

Ethereum has confirmed a powerful breakout above the psychological $3,500 level, closing at $3,588.26 on the 3-day chart. This move follows a strong rally from late June lows, with the price now up over 70% in less than a month. ETH has broken past all major moving averages, including the 50, 100, and 200 SMAs, signaling a shift toward bullish momentum across longer timeframes. Volume has increased significantly during this breakout, reinforcing the strength of the move. The next major resistance lies at $3,742.95, a level that previously acted as a local top earlier in the year. A successful close above this mark could open the door for a retest of the $4,000–$4,200 range. On the downside, $2,852.16 now serves as a key support level. This level marked previous consolidation and breakout, aligning with the confluence of former resistance and the 200-day moving average. Holding above this zone is critical to maintain the current bullish structure.