Ethereum (ETH) Price Prediction: ETH Holds Around $2,500 as Falling OI Raises Risk of a Range-Low Retest at $2,200

Ethereum’s latest recovery has returned price above $2,500, but the broader setup remains vulnerable as price trades near resistance while open interest and trading volume begin to cool.

ETH Recovers but Faces Resistance Ahead

Ethereum’s latest move has brought price back above the psychological $2,500 level after a strong intraday expansion. Brave New Coin data places ETH price around $2,522, with trading volume reaching roughly $23.97 billion over the previous 24 hours.

Ethereum price is trading at around $2,530, up 2.14% in the last 24 hours. Source: Brave New Coin

The recovery has improved short-term price action, but Ethereum price remains close to an important resistance area around $2,550-$2,600. Without a clean breakout and sustained acceptance above this region, the latest move still looks vulnerable to another rotation lower.

Wintermute Sends $160 Million in ETH to Exchanges

A large exchange transfer has added another source of short-term selling risk. Over three hours, Wintermute deposited approximately 61,847 ETH, worth around $160.3 million, into Binance and Coinbase.

Wintermute deposited roughly 61,847 ETH worth $160.3 million into Binance and Coinbase. Source: Lookonchain via X

The transfers were highlighted by Lookonchain and came through several large transactions. Exchange deposits do not guarantee immediate selling, but they increase the amount of ETH readily available on trading venues at a time when price is already struggling around resistance.

For Ethereum, this becomes more important if demand continues weakening. Heavy exchange inflows combined with declining market participation could make it increasingly difficult for ETH to sustain another push through the $2,550-$2,600 region.

Wyckoff Scenario Warns of a Deeper ETH Reset

One of the more bearish higher-timeframe interpretations sees Ethereum’s current recovery as part of a much larger Wyckoff accumulation structure rather than the beginning of an immediate breakout. Under this scenario, the market is approaching the upper boundary of the accumulation range and could still experience another major shakeout.

The setup shared by crypto analyst bee places resistance around $2,500-$2,600 and projects a rejection that could eventually drag ETH towards the $1,750-$1,500 region. That move would represent the proposed spring phase of the Wyckoff structure before a later recovery develops.

The longer-term projection is therefore not entirely bearish. After the potential spring and testing phase, the chart anticipates a recovery through the range and eventually a much larger expansion. In the near term, however, the setup argues that Ethereum may still need a significant reset first.

Wyckoff accumulation interpretation leaves room for a much deeper correction. Source: bee via X

Falling Open Interest and Volume Adding to Bearish Pressure

Ethereum’s current range is beginning to lose participation rather than showing signs of fresh expansion. The chart shared by Byzantine General shows price sitting in the upper half of the range while both aggregated open interest and trading volume have started declining.

That combination strengthens the case for a rotation back towards the lower boundary. Rather than fresh leverage entering behind the move, falling OI suggests positions are being reduced, while weaker volume shows less conviction behind the current price action.

The chart therefore favors a move towards the range lows, roughly around the $2,300-$2,350 region, if Ethereum price continues losing momentum. A break below the range midpoint would strengthen that scenario further, while only a convincing recovery in volume and OI alongside price would begin to weaken the bearish outlook.

Declining open interest and trading volume are increasing the probability of Ethereum rotating back towards the lower end of its current range. Source: Byzantine General via X

Bearish PO3 Setup Targets $2,200

Ethereum is showing the early stages of a bearish Power of Three setup, with price pushing into the upper part of the range after spending several weeks consolidating below. The current move can be viewed as the manipulation phase, where liquidity above the recent highs is taken before a larger reversal develops.

Famous crypto analyst RektProof notes that downside confirmation is still missing, with a bearish market structure break needed before the setup is fully validated. Another move into roughly $2,600-$2,670 followed by rejection would strengthen the bearish case and could begin the distribution phase back through the range.

Ethereum’s developing bearish PO3 setup could target the equal lows. Source: RektProof via X

If that reversal confirms, the equal lows around $2,350 are the first major liquidity target. A break through those lows could extend the move towards the larger $2,200 region shown on the chart, making it the main downside target for the bearish PO3 scenario.

Contrary: Ethereum Moving Averages Adding Supports

Ethereum continues to trade above a rising cluster of moving averages, giving the current structure several layers of support beneath price. The 20 EMA has advanced towards roughly $2,426, making the $2,400-$2,430 region the first important area to watch if ETH price continues correcting from the current $2,500-$2,530 range.

Below that, the 30 EMA sits near $2,358, adding further support around the broader $2,350-$2,400 zone. The longer 50 EMA remains much lower near $2,246, which shows how quickly ETH has expanded away from its medium-term trend following the sharp August breakout.

As long as these averages continue rising, pullbacks into them can still be treated as potential support tests rather than immediate trend invalidation. However, losing the 20 EMA would increase the probability of a deeper correction towards the 30 EMA around $2,350-$2,360.

Final Thoughts: ETH Correction to Extend?

Ethereum price remains technically strong on the broader chart, but the short-term setup increasingly favors some cooling after the sharp move from below $1,900. Falling open interest and softer volume suggest participation is easing, while ETH price is struggling to establish a clean continuation above the $2,500-$2,550 region.

The first downside test now sits around the rising 20 EMA near $2,426. A failure to hold that area could extend the correction towards $2,350-$2,360, where the 30 EMA and broader range support begin to overlap. A more aggressive sell-off could eventually expose the $2,250 area around the 50 EMA.

For bulls, the correction begins to lose relevance if ETH reclaims $2,550 and breaks higher with stronger volume and renewed participation. Until that happens, the moving averages below price provide the clearest roadmap for where buyers may attempt to defend the broader recovery.