Ethereum (ETH) price has risen by over 6.6% in a week, currently trading at $2,621.81, with bulls targeting $2,875 resistance.
Increased open interest in ETH perpetual futures suggests growing trader sentiment.
Analysts are monitoring the quarterly volume-weighted average price (VWAP) as a key resistance level that could spark broader bullish momentum in the crypto market.
Lack of spot market confirmation poses a risk of a potential bull trap, with key support levels offering strategic entry points for buyers.