#ETHTrendWatch

Ethereum is showing renewed strength, trading around $2,919 with a solid +2.78% daily gain, and importantly, price is closely aligned with both the mark price ($2,919.66) and index price ($2,920.75).
This tight spread suggests healthy price discovery with no obvious manipulation or stress in the perpetuals market. ETH has rebounded convincingly from the $2,836 intraday low, signaling that buyers are actively stepping in on dips rather than waiting passively lower.

From a derivatives perspective, the funding rate of +0.0006% is a key signal. This is mildly positive but far from overheated, meaning longs are paying a very small premium without excessive leverage piling in.
In strong bull phases, funding tends to spike sharply; in overheated markets, it becomes a warning sign. Right now, funding tells us sentiment is improving, but not euphoric a constructive setup for continuation rather than reversal.

Open interest sits at 1.31M ETH, which is elevated but not extreme. Combined with rising price, this suggests new positions are opening in the direction of the trend, rather than shorts being aggressively squeezed. This is healthier than a pure short squeeze because it implies participants are entering with conviction rather than being forced out. If price continues higher while open interest remains stable or gradually rises, that supports a sustained move rather than a blow-off.

The 24h range between $2,836 and $2,949 is especially important technically. ETH has now reclaimed and held above the mid-range of this zone, turning prior resistance into short-term support. As long as price holds above $2,880–$2,900, the structure remains bullish on the intraday and short-term timeframes. A clean break and acceptance above $2,950 would likely open the door toward $3,050–$3,120, where the next meaningful liquidity cluster sits.

Volume also matters here. A $7.13B USDT 24h turnover confirms that this move is backed by real participation, not thin liquidity. Rising price + solid volume + controlled funding is one of the strongest short-term bullish combinations you can see in derivatives markets.

That said, caution is still warranted. The $2,950–$3,000 zone is a psychologically heavy resistance area. It’s very common for markets to stall, consolidate, or even briefly sweep liquidity below support before pushing higher. A pullback toward $2,880–$2,850 would not invalidate the bullish structure as long as buyers continue to defend that zone. In fact, such a retrace could reset funding and set up a stronger continuation.

My View & Short-Term Outlook
In the short term (days to 1–2 weeks), I’m constructively bullish. Momentum favors the upside, but I would not chase breakouts blindly near $3K. Best risk-reward comes either from pullbacks into support or confirmed acceptance above $2,950 with volume.

In the medium term (weeks to months), reclaiming and holding above $3,000 would mark a significant sentiment shift and likely attract spot buyers, not just leverage traders. If that happens, ETH targeting the $3,300–$3,600 range becomes realistic.

Overall, this market looks healthy, not overheated. Funding is controlled, price is respected, and liquidity is flowing in a disciplined way. As long as ETH holds above the $2,880–$2,900 region, dips look more like opportunities than warning signs.