Ethereum [ETH] recently broke above short-term resistance after being below the moving average since late July, a period that saw a “death cross.”

The second-largest cryptocurrency has also seen an increase in market chatter and growing interest from derivatives traders.

Ethereum Sees Rise in Social Dominance

Analysis from Santiment reveals that Ethereum’s social dominance has increased significantly recently. On September 21, social dominance rose above 10%.

Although it later fell slightly to around 9.9% on September 23, it was the first time in about seven weeks that it had reached this level.

This shows an increase in discussions about Ethereum, reflecting the increased attention the asset is receiving.

The increase in social dominance correlates with Ethereum's recent price movements, suggesting that market sentiment is turning more bullish.

Ethereum Price Breaks Short-Term Resistance

Ethereum price chart analysis shows growing social interest. ETH has had consecutive days of gains over the past seven days.

It crossed above the short-term moving average (yellow line) on September 20 after a 3.90% increase, pushing the price to around $2,562.

At the end of the last trading session, Ethereum was trading at around $2,642 and even crossed the $2,700 mark at one point.

Furthermore, the short-term moving average has now become stronger support.

Further analysis shows that the next important resistance level is at $2,800. If ETH breaks this level, the $3,000 threshold could be tested again.

This price surge has also spurred interest from derivatives traders.

Open interest sees increasing volume

Another important indicator of positive momentum is Ethereum’s open interest. Recent analysis revealed that open interest rose to over $6 billion on September 23, its highest level in about seven weeks.

The increase in open interest indicates an expectation of capital inflow from derivatives traders, possibly fueled by Ethereum's recent price surge.

If these positive indicators continue, ETH could be on track to retest the $3,000 price level in the short term.