Key highlights:
- Ethereum price nears towards the resistance level of $4,100 after a steady increase from the $2,400 level in early 2025.
- The record high open interest and solid uptrend momentum are cited by analysts as indicative that ETH may be about to breakout.
- A successful close above $4,100 would set the stage for $4,800–$6,000, this being according to technical predictions and prior trend configurations.
Ethereum price prediction: Bulls eye $4,800 as ETH tests key resistance near $4,100
Ethereum is approaching key resistance levels at $4,100 after weeks of consistent gains. The move follows a breakout from a multi-month wedge pattern and growing interest in ETH futures, with open interest hitting all-time highs across major exchanges.
Traders are watching whether Ethereum price can flip the $4,100 level into support, which could unlock targets near $4,800 and potentially $6,000. Market structure shows a consistent uptrend since the May 2025 low, but the next leg will depend on whether ETH can close above this resistance on higher timeframes.
Ethereum breaks out of wedge pattern, retests support
On the 4-hour chart, ETH formed a broadening descending wedge between July 20 and 24. The breakout occurred on July 26 when Ethereum broke above the upper edge of the structure, around $3,830. A quick pullback followed, but price held the breakout level as support and rebounded.
That retest marked a clean transition from resistance to support, with the $3,780–$3,830 zone now acting as the foundation for the next move. ETH price has since pushed back toward $3,900–$4,000, a short-term resistance range that capped the rally earlier in July.
ETHEREUM IS BREAKING OUT NOW! pic.twitter.com/IV1DqAPBWM
— Merlijn The Trader (@MerlijnTrader) July 29, 2025
If ETH can clear this zone and sustain the move, technical projections from the wedge structure point toward $4,200–$4,400 in the near term. The breakout was also confirmed by bullish candles with minimal upper wicks, showing controlled buying rather than volatility-driven moves.
Weekly chart shows ETH near long-term breakout zone
ETH weekly chart provides a broader view of the current rally. After bottoming near $1,500 in April, ETH price started climbing steadily, reclaiming the $2,400 level and continuing through $3,500 without major setbacks.
The price is now hovering around $3,832, just below the $4,100 barrier that rejected Ethereum twice in 2024, once in March and again in November. This level has become the key zone for traders and analysts, with Ali Martinez stating that the “real breakout begins above $4,100.”
There’s plenty of hype around Ethereum $ETH, but the real breakout begins above $4,100. pic.twitter.com/U7xBNY8oqv
— Ali (@ali_charts) July 29, 2025
Support beneath the current range sits between $3,300–$3,500, a former resistance zone from early 2024 that has now flipped into a buffer. If ETH price holds this area, bulls retain control of the structure.
The weekly chart also shows a path that is anticipated, with ETH potentially consolidating below $4,100 before surging higher. On confirmation of the breakdown, next target for the upside is between $4,800 and $6,000.
Open interest spikes alongside ETH price momentum
Data from futures markets shows that Ethereum’s open interest reached a record $28.2 billion in late July. This surge in open contracts, combined with rising ETH price action, signals increasing participation from leveraged traders.
The move in open interest has been rapid since May, when ETH started climbing from a base near $2,200. Unlike previous rallies, this one has been accompanied by growing demand in the futures markets, indicating that both spot and derivative traders are aligned.
A tweet from Merlijn Trader noted, “This isn’t a normal breakout, it’s fuel for a vertical move.” The combination of rising leverage and climbing price raises the possibility of a squeeze scenario, especially if short positions are forced to exit.
$ETH IS LOADING LIKE NEVER BEFORE
Open Interest just hit a new all-time high.
Price is climbing. Leverage is stacking.This isn’t a normal breakout it’s fuel for a vertical move.
If you’re waiting for confirmation, this is the confirmation.
Let the most hated rally send… pic.twitter.com/vOXetZbUQ1
— Merlijn The Trader (@MerlijnTrader) July 29, 2025
However, the same data also shows elevated risk. When leverage builds up at significant levels of resistance, ETH price volatility rises. When ETH rebounds from $4,100, the same can cause rapid liquidations and further deeper pullbacks.
Key levels and short-term outlook
The $3,300–$3,500 range remains the key level to watch in case of a retracement. It has held as a pivot point since ETH reclaimed it earlier this year.
$4,100 is the major level that traders are targeting for a breakout. A close above it on the daily or weekly ETH chart would confirm strength.
Traders are closely tracking both price and open interest behavior at current levels. As ETH approaches the final week of July, sentiment remains focused on whether the breakout structure holds, or stalls at the multi-month ceiling.
According to Ethereum price prediction models, ETH price could break above $4,100 soon, potentially targeting the $5,500–$6,000 zone if momentum holds.
