Ethereum Holds Above $2,700 as Analysts Eye $3,000 Breakout
Ethereum (ETH) maintained its position near $2,700-$2,740, achieving its first weekly close above $2,700 in nine months. This milestone has sparked optimism among analysts, who see potential for further gains. BitMine, an Ethereum treasury firm, added 15,112 ETH to its holdings last week, bringing its total to 6.016 million ETH. The purchase, valued at approximately $41 million, represents nearly 4.9% of Ethereum's total supply.
Analyst Ted Pillows highlighted the significance of Ethereum's recent performance, noting that a weekly close above $2,800 could pave the way for a rally toward $3,400-$3,500. He also identified key support levels at $2,550 and $2,200, with $1,965 serving as deeper support if selling pressure intensifies. Meanwhile, Ethereum's derivatives activity saw a surge, with options volume increasing by over 33% and open interest climbing to $34.10 billion.
Despite the positive indicators, some cautionary signs emerged. US spot ETH ETFs experienced $138 million in net outflows after four consecutive days of negative flows. Additionally, Ethereum's market liquidity has thinned, with median market depth falling to 35-45% of Bitcoin's liquidity, down from at least 60% in 2025. On the charts, Ethereum has held support near $2,657, reinforced by the 20-day Exponential Moving Average.
The broader crypto market also showed strength, rising 0.68% over the same period, with a total market capitalization reaching $2.93 trillion. Bitcoin held above $85,000, and XRP traded above $1.50, continuing gains that began in mid-September.