#ETH站稳1900美元 Ethereum Breaks Through $2,000 Key Resistance: How Much Further Can ETH Rise?

Ethereum (ETH) has broken above a descending trendline that has been suppressing it since the previous all-time high. In the same period, the size of open interest in futures has surged to $19.8 billion. ETH is currently trading at $1,928, up 5.2% over the past 24 hours. Derivatives positioning data, liquidation figures, and the structure of the long-term chart all now point to the same bullish direction.
However, there is still one key factor missing that prevents the breakout from being confirmed. With open interest nearing $20 billion, futures traders are returning to the market.
Glassnode data shows that on July 14, open interest across the entire Ethereum futures market jumped to $19.8 billion, the highest level since June 3. At that time, an industry-wide deleveraging event reset the positioning structure. Open interest measures the total value of futures contracts that have not yet expired. When open interest rises in tandem with a price increase, it indicates new money flowing into the market rather than shorts simply closing. This metric had fallen to around $15.5 billion in the late June period. Its strong rebound suggests traders are returning to Ethereum derivatives with confidence. Ethereum’s persistently positive funding rates further corroborate this view.
It is said that whale trader Machi Big Brother opened a long on ETH with 25x leverage, for a position size of $24.3 million, with the liquidation line set at $1,833. If the price drops back below the June range, this signal would be invalidated, indicating that the new positioning was only temporary.
A large number of long liquidations appeared at the 4% annual low point, implying that a short squeeze may be developing. And the recent liquidation structure could further strengthen the bullish case. According to Glassnode, the share of Ethereum futures long liquidations has fallen to 4%, the lowest level in a year.
In short: of the positions being liquidated, only 4% are longs, while the remaining 96% are shorts that were forced out as prices moved higher. Long liquidations dominate.
Still, rebounds driven by a short squeeze should be treated cautiously. Forced liquidations can amplify upside potential, just as the downside created by the June 3 sell-off was over-amplified. For this rally to sustain, spot demand must keep up. If the long share returns above 50%, it would mean shorts are again absorbing sell pressure, weakening the momentum signal. Ethereum price holding the trendline from the 2022 lows in the weekly chart shows why the current level is so important.
An upward trendline drawn from the June 2022 low has consistently been supported throughout the last bull cycle; now it is again acting around $1,600. This rebound also occurs within a long-term green demand zone. Since early 2023, this zone has served as support four times. In addition, the area lines up with the 0.786 Fibonacci retracement level of the entire cycle—$1,754.
The triple convergence of the trendline, horizontal support, and the Fibonacci level makes this zone an unbreakable line of defense. The next major resistance level, however, sits far above at the 0.618 Fibonacci retracement of $2,438.

ETH Price Forecast: $2,000 Breakout to Be Tested
On the daily chart, Monday’s 6.5% bullish candle broke above a descending trendline that has been in place since the previous all-time high. Before this breakout, the trendline had blocked ETH price from above five times, and the daily Relative Strength Index (RSI) confirmed the momentum shift. The indicator has broken above the downtrend line formed since July 2025. It is currently around 65, but there is still a warning signal: during this rebound, trading volume has continued to shrink, so the breakout lacks strong confirmation from market participation.
Analysts tracking the ETH/BTC ratio have observed early signs of Ethereum’s broader recovery, which may help fill the previously missing demand. A recent resistance area sits between $1,900 and $2,000. If the price closes above that range while volume expands, it could open room for a move toward $2,438—about 30% higher than the current price. The downside is that $1,754 is a key support level. If it fails, the move could slide back toward the trendline near $1,600. And if the weekly closing price drops below this level, the current bullish structure would be completely invalidated. Either there will be a breakout confirmed by rising volume, or Ethereum will return to that zone that has been defended four times. $ETH