Ethereum (ETH) 
$3,297 price is gaining attention as the cryptocurrency market continues its upward trend. According to CryptoQuant data, increasing open positions suggest that Ethereum may experience a breakout soon.
Ethereum Price and Open Position Outlook
CryptoQuant analyst Shayan noted that if Ethereum surpasses a significant resistance level, a sustainable upward trend could begin.
“If Ethereum successfully overcomes critical resistance levels, it could pave the way for a lasting rally.” – Shayan
The analyst observed that ETH open positions have been steadily increasing in recent weeks, indicating heightened participation in the futures market.
The rising open positions for Ethereum align with Coinglass data, showing a 6.5% increase within 24 hours. The data indicates that a total of 9.71 million ETH has been committed by futures traders. According to Shayan’s analysis, open positions have reached their highest level in weeks, with traders leaning towards long positions.
ETH Still Faces Risks
According to the CryptoQuant analyst, the rising number of open positions may expose the coin to liquidation risks. Such liquidation could increase the existing pressure on ETH, potentially leading to price declines.
This outlook suggests that ETH prices could shift unpredictably. However, Shayan mentioned that the current landscape signals a potential rally, adding that if Ethereum successfully breaches a significant resistance level, it could show sustained upward movement.
Impact of the Ethereum Foundation and Pectra
In addition to technical indicators, the coin’s future may also be influenced by the activities of the Ethereum Foundation.
Previous analyses suggest that if the Ethereum Foundation halts its coin sales, ETH could rise to as much as $6,000. Recently, the Foundation initiated a series of ETH sales as part of its expenditures.
Furthermore, Ethereum’s upcoming Pectra upgrade aims to improve the network’s scalability and security. Developers indicate that successfully completing the upgrade could significantly impact the price outlook.
Ethereum continues to be closely monitored in light of both technical and operational developments.
