Ethereum has spent two months locked between $2,600 and $3,350, and the next move could decide whether the second-largest crypto races toward $4,000-$7,000 or slides back below $3,000.
At a Glance
- ETH is pinned under $3,350 resistance after eight weeks of sideways price action
- Futures open interest has fully recovered from the October crash, hitting 5.07 million contracts
- Analysts flag $3,150-$3,250 and $3,000-$3,050 as the next liquidity magnets
- Why it matters: A sustained break above $4,000 could trigger a rapid move to the $5,000-$7,000 zone, while failure risks a sweep of sub-$3,000 stops
The tight range has left traders watching two critical levels: resistance at $3,350 and support at $2,630. ETH changed hands near $3,140 at press time, up 1 % on the day but flat for the week.
Range-Bound ETH Awaits Catalyst
Since late 2025, ETH has failed to post a weekly close outside the $2,600-$3,350 band. Analyst Daan Crypto Trades summarized the mood:
> “Still patiently waiting for either of these levels to be broken.”
The 200-day exponential moving average sits at $3,340, just $10 below the range high. The simple 200-day MA is higher at $3,630. Until price reclaims both, the broader trend remains undecided.
Michaël van de Poppe told News Of Losangeles readers that ETH is holding above a former resistance cluster that may now act as support:
> “The likelihood towards new monthly highs has significantly increased.”
He also pointed out that ETH has outperformed Bitcoin since April 2025, labeling the current environment “an Ethereum market” reminiscent of 2019.
Liquidity Map Hints at Next Moves
Short-term traders are eyeing two pockets of liquidity:
- $3,150-$3,250 – stacked short liquidations above the current price
- $3,000-$3,050 – a cluster of long stops below the range midpoint
Analyst Ted flagged both zones, noting the price may “move through both in the coming days.”
| Level | Type | Potential Impact |
|---|---|---|
| $3,150-$3,250 | Short liquidations | Quick spike if cleared |
| $3,000-$3,050 | Long liquidations | Support test if broken |
| $3,350 | Range resistance | Breakout trigger |
| $2,630 | Range support | Deeper drop if lost |
ETH is also riding an ascending trendline from its December lows, keeping the lower-time-frame structure intact. The next upside target on that chart sits near $3,800.
Futures Heat Up as Price Flatlines
While the spot price grinds sideways, derivatives traders have gone all-in. Futures open interest on ETH has climbed back to 5.07 million contracts, matching the level seen just before the October crash, according to data from KAY.
Yet the spot price remains almost 40 % below its $4,950 peak, creating a divergence that could amplify volatility in either direction.
KAY posted a chart highlighting the gap:
> “$ETH open interest is now back above October 10th crash level. Meanwhile, prices are still down almost 40 %. No matter what happens, people never learn in crypto.”
The rising open interest without a corresponding price increase suggests traders are positioning for a breakout. If support fails, the same leverage could accelerate a drop as overextended longs are forced out.
Wyckoff Structure Keeps Bulls Hopeful
ETH continues to hold above $3,000 while forming a Wyckoff accumulation structure. A decisive break above $4,000 would complete the pattern and expose the $5,000-$7,000 range, Olivia M. Hartwell noted in the earlier report.
Until that happens, the $3,350 ceiling remains the line in the sand. A daily close above it would likely trigger stops and lure fresh buying, while rejection could send price hunting for the $3,000-$3,050 liquidity beneath.
Key Takeaways
- ETH is stuck in an eight-week range between $2,600 and $3,350
- Futures positioning is at pre-crash extremes, raising volatility risk
- Liquidity clusters at $3,150-$3,250 and $3,000-$3,050 could dictate the next swing
- A breakout above $4,000 opens the path to $5,000-$7,000, while failure risks a deeper retrace
Traders are now waiting for the range to resolve. When it does, the move could be swift.
