Ethereum price in a major resistance zone; Sharp rally after breakout?

At press time, the Ethereum price was trading at $2,543.17 with an intraday gain of 1.7%. Its 24-h trading volume has increased by around 35% to $8.844B. Open interest on the call side is high for the 13th October expiry, indicating that call sellers are more. The funding rate is positive and can increase more. If the funding rate touches its peak, a sharp fall can be expected because of the spot selling. The technical chart suggests that the ETH price has been facing resistance from the $2,550 zone. If the Ethereum price triggers a breakout from this zone with increased Open interest and volume, buyers might eye the $3,000 mark. Conversely, if the ETH price fails to trigger a breakout, sellers may dominate further and the price can melt to the major support level of $2,360.