Ethereum Price Eyes $2,800 as Low Leverage Rally Continues

Ethereum's (ETH) price has been steadily climbing since its June low, with a weekly close now down only about 7% for the year. This represents the smallest weekly decline since January. Analyst Ted Pillow points to $2,800 as a key level, saying a weekly close above it could confirm further upside.

The current rally is notable for its low derivatives leverage. Futures open interest remains well below last year's peak, at about $14 billion. In contrast, the peak seen in September 2026 was around $33 billion, when ETH traded near $4,800.

ETF buyers have also stepped back in October, with nearly $93 million in net outflows from U.S. spot Ethereum ETFs. This could be a sign that traders are cautiously approaching the market, with fewer leverage bets behind the price.