Ethereum has captured the attention of the financial market with an incredible bull price increase of 65%, rising from $1,600 to a peak of $2,663.72.

This increase is not a simple stroke of luck, but a movement supported by solid dynamics in the bull and bear markets and in the derivatives markets. 

Ethereum is now near a significant resistance level at $2,714, a crucial turning point that could determine its next moves and influence the entire altcoin sector.

The Ethereum futures market shows surprising strength in the last month. The Open Interest (OI) on Binance has grown from 3.6 billion to 5.1 billion dollars, with an increase of 41.6%. 

Overall, the total OI of Ethereum across all platforms is approaching 17 billion dollars. 

These data clearly illustrate an increase in the confidence of institutional investors and market operators, who are betting on a further appreciation of ETH.

The accumulation strategy is confirmed by the data on the large movements of ETH by the whale, that is, the holders with large quantities of coins. 

In the last seven days, the net inflows of ETH from these entities have increased by 22.8%, extending a spectacular growth of 1,057.08% in 30 days and 392.80% in 90 days. 

This trend suggests a consolidation and a long-term commitment by investors with strong purchasing power, who aim to capitalize on the rise in price.

Despite the accumulation, ETH reserves on exchange recorded an increase of 3.93%, reaching 51.17 billion dollars in value.

Normally, an increase in reserves could be a signal of potential selling pressures, as more coins available on the exchanges could translate into greater trades. 

However, in this context, the growth of reserves seems to reflect instead a rotation of liquidity, with many traders depositing ETH to gain exposure to derivatives or to hedge existing positions. This helps to maintain the stable bull trend.

Ethereum is now just below an important technical barrier, between $2,714 and $2,741. 

Some indicators suggest that the market is in an overbought condition: for example, the Stochastic RSI index is above 79, while the Bollinger Bands show decreasing volatility. 

These signals indicate caution, but do not rule out the possibility of a further breakout. If Ethereum were to decisively close above $2,741, it is very likely that a new bull phase will be triggered, which could push the price towards $3,000. 

On the contrary, if this resistance level is not surpassed, a corrective phase could develop with a possible decline to $2,581 in the short term. 

Consequently, the behavior of ETH in this area will also be crucial for the overall trend of the altcoin market.

A key aspect of the recent rally has been the phenomenon of the short squeeze, that is, the pressure on short sellers who had to close their losing positions. 

On May 23, short positions were liquidated for a value of 17.88 million dollars, mainly on Binance and Bitfinex. 

The liquidations of long positions, on the other hand, stopped at 12.56 million dollars, highlighting a prevalence of bear operators who lost control. This mechanism further fueled the upward push of Ethereum.

Looking at the available data, Ethereum appears well-equipped to surpass the barrier of $2,714. 

The signals of strong accumulation by the whale, the decrease in short movements, and the growth of Open Interest confirm a positive and structured momentum. 

Even though the reserves on exchange have slightly increased, this circumstance does not seem to weaken the overall picture.

A significant breakout could mark the beginning of a new rally for Ethereum, capable of attracting investor participation and pushing the entire alternative criptovalute market upwards.

Therefore, the threshold of $2,714 becomes a level to monitor closely in the coming weeks.

The recent surge of Ethereum demonstrates that its rise is based on solid foundations, supported by significant capital flows and precise market dynamics. 

However, the current phase suggests caution, given that the confrontation with the technical resistance is tight and a short-term correction is not excluded.

Ultimately, Ethereum offers an interesting framework both for experienced investors and for those who want to approach this growing financial asset. 

Following the developments on key levels and the activities of whale and derivatives will be crucial to understand if this run will turn into a lasting trend or will be limited to a momentary peak.