Ethereum Surmounts September Resistance, Eyes $3K

Ethereum's price has broken above its September resistance zone around $2,600, reaching as high as $2,668 before stabilizing around $2,640.

This breakout follows a broader recovery from September lows and is supported by rising derivatives activity, increased whale participation, and the return of positive US spot Ethereum exchange-traded fund (ETF) flows.

The key support zone to watch now is between $2,600 and $2,616, holding which would strengthen the path towards $2,800 and potentially $3,000. However, a close back below this area would raise the risk of another move into the previous September range around $2,530.

Rising derivatives activity has also contributed to the breakout, with Ethereum's open interest reaching a four-month high of approximately $31.48 billion, according to CoinGlass data. The long-to-short ratio has increased to around 1.065, and the weighted funding rate has reached approximately 0.0098%.