Ethereum's price has continued its upward trend, with its current value near $2,249. The cryptocurrency has successfully defended the $2,000 support region, which is seen as crucial by market watchers. According to analyst Darkfost, this configuration could lead to an upward trajectory if sustained alongside improving spot market conditions.
The open interest in Ethereum futures has expanded to 6.4 million ETH, nearing the record high of 7.8 million ETH recorded in July last year. Exchange-traded funds tracking Ether's spot price have also seen renewed appetite, with $120 million in net additions on Monday representing the strongest daily performance since mid-March.
Technical analysts maintain that Ethereum's chart pattern remains favorable as long as the $1,800 to $2,000 support region remains intact. This zone aligns with both the 20-day exponential moving average and the lower boundary of a symmetrical triangle formation. Analyst Ted Pillows suggested that Ethereum could extend gains if the $2,000 level proves resilient.