Ethereum Price Prediction: Analyst Maps Path to $3,000 as Open Interest Hits 4-Month High

Ethereum (ETH) price is up 5% today, September 19, to trade at $2,640 at the time of writing. ETH trading volumes have also jumped by 41% to $20.45 billion, per CoinMarketCap data.

The gains come on the back of rising open interest, growing whale interest, and a bullish outlook from analysts.

Analyst Forecasts Ethereum Price Rally to $3,000

Analyst Ted Pillows on X notes that Ethereum price could move towards $2,900 and $3,000 next. However, he notes that this gain will only occur if ETH can close above $2,550.

The analyst also pointed out to Ethereum’s one-week chart, noting that if ETH value does not move above the resistance at $2,550, it might drop to test support at $2,291, with a move below this support set to push ETH lower to $2,190.

Analyst Ali Charts also shares a similar bullish Ethereum future outlook, noting that if the largest altcoin confirms a strong 4-hour close above $2,570 on the back of strong buy volumes, it will confirm a bullish move towards the psychological resistance of $3,000.

These bullish projections come after Ethereum price closed above $2,600 for the first time since January 31.

Ethereum’s Open Interest Climbs to a 4-Month High as Longs Dominate

Data from CoinGlass shows that Ethereum’s open interest has reached $31.48 billion, with this being the highest OI reading since mid-May 2026.

The surge comes despite $140 million worth of short positions being liquidated from the Ethereum futures market between September 18 and 19.

The rising open interest likely comes from long traders who are betting that Ethereum price might continue to climb. This is because the long/short ratio for Ethereum on CoinGlass has risen to 1.065, suggesting that there are more long accounts than short accounts.

The bullish bias in the futures market is further seen with the weighted funding rate that has risen to 0.0098%, suggesting that long buyers are paying more to keep their positions open.

ETH ETFs Post First Weekly Outflow Since August Despite Rising Price

Data from SoSoValue shows that there were $140 million in weekly outflows from Ethereum ETFs in the week between September 14 and September 18.

This marks the first time that the ETFs have recorded negative weekly flows since August 14.

The outflows come on the back of a macro-packed week where the Federal Reserve hiked interest rates for the first time since 2023.

The outflows were also exacerbated by the CLARITY Act failing to secure the 60 votes needed for the bill to pass into law.

Still, Santiment data notes that Ethereum whale activity rose significantly during the week, while the number of ETH non-empty wallets also climbed to 207.17 million, with this being the highest number of Ethereum non-empty wallets in history.

This points towards a potential surge in buy-side pressure that absorbed the increased supply from whale selling.

Ethereum Price Breaks Out Amid Surging Buy-Side Pressure

The one-day chart for Ethereum price shows that it has moved above the resistance of a consolidation range at $2,530.

This move above $2,530 coincides with widening Bollinger bands that suggest that Ethereum’s volatility might increase in the near term.

If this uptrend continues, Ethereum price might move towards the psychological resistance at $2,800. If it closes above this resistance, ETH price might target $3,000 next.

The RSI reading of 65 supports a bullish outlook. It suggests that the buying pressure is outpacing the selling pressure, and Ethereum price might continue with the uptrend.