Ethereum Price Forecast: Open Interest recovers following US-Iran ceasefire

Ethereum price today: $2,210

• Ethereum's open interest jumped to 14 million ETH on Wednesday following the US-Iran two-week ceasefire deal.
• Traders are exercising caution amid accusations of the US violating the deal.
• ETH is facing pressure near the $2,210 short-term resistance.

Ethereum (ETH) is trading above $2,200 on Wednesday, continuing its momentum from the US-Iran two-week temporary ceasefire deal.

The top altcoin's open interest (OI), the total worth of outstanding contracts in a derivatives market, jumped to 14 million ETH. The move marks a recovery from a downtrend in derivatives exposure that dates back to March 28, when open interest declined by roughly 1.55 million ETH into last weekend.

The increase in OI follows a rise in the Taker Buy Sell Ratio, which signals long traders are dominating the perpetual derivatives market. The metric measures the ratio of buy volume to sell volume for takers in perpetual swap trades.

A similar sentiment is evident in ETH futures liquidation records, as short liquidated positions have outpaced long liquidated positions since the beginning of the month. While the move signals a gradual shift toward expanding bullish dominance, cautious sentiment remains evident.

Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, said in a statement on Wednesday that the US has violated the ceasefire deal following continued Israeli attacks in Lebanon and the entry of a drone into Iranian airspace.

"The deep historical distrust we hold toward the United States stems from its repeated violations of all forms of commitments — a pattern that has regrettably been repeated once again," Ghalibaf said. "In such situation, a bilateral ceasefire or negotiations is unreasonable."

Following the development, US Oil prices have slightly rebounded from $91 toward $96 as of writing. Rising oil prices have pressured the performance of top cryptos over the past month.

Ethereum Price Forecast: ETH faces short-term resistance near $2,210

On the daily chart, ETH trades at $2,214, holding a constructive near-term bullish bias as price remains above the 20-day and 50-day Exponential Moving Averages (EMAs) clustered around $2,110 and $2,152. The Relative Strength Index (RSI) at 58 leans to the upside, while the Stochastic Oscillator (Stoch), hovering above 80, hints at overbought conditions and the risk of consolidation or a corrective pause before any sustained push higher.

On the topside, ETH is struggling to hold above the short-term resistance at $2,210. A move above that level would push ETH toward the horizontal barrier near $2,388, followed closely by the 100-day EMA at $2,392, forming a dense supply zone that bulls need to clear to extend the advance toward $2,746 and then $3,411.

On the downside, immediate support is provided by the 50-day EMA at $2,152, followed by the 20-day EMA at $2,110 and the nearby horizontal level at $2,108. A break below this cluster would expose deeper supports at $1,911, $1,741, $1,524 and $1,404.

(The technical analysis of this story was written with the help of an AI tool.)