Ethereum (ETH) has been trading sideways for the past two months within a range of approximately $2,600 to $3,350. Currently, it is valued at around $3,140, reflecting a slight 1% gain over the last 24 hours but a minor drop in the week leading up to this update.

Ethereum Holds Range as Traders Monitor for a Breakout

Since late 2025, ETH has not managed to escape its trading range. Analyst Daan Crypto Trades remarked on the situation, saying,

“Still patiently waiting for either of these levels to be broken.”

Resistance is observed near $3,350, with support just above $2,630. Despite several attempts to rise, ETH remains below key moving averages: the Daily 200 EMA is around $3,340, and the Daily 200 MA is approximately $3,630. A close above these thresholds is needed to clarify the broader market trend.

Furthermore, analyst Michaël van de Poppe indicated that ETH is currently above an essential resistance level, which may now serve as support. He noted:

“The likelihood towards new monthly highs has significantly increased.”

The asset is also in alignment with an upward trend since its lows in December, showcasing stability in shorter time frames, with a potential next target nearing $3,800.

Analyst Ted pointed out that there are significant short liquidations occurring around the $3,150–$3,250 range and indicated a liquidity cluster close to $3,000–$3,050, suggesting potential price movements through these levels soon.

Futures Activity Returns to Pre-Crash Levels

Open interest in ETH futures has fully recovered from the October crash, sitting at 5.07 million contracts according to KAY. This matches the peak seen prior to the market decline, yet spot prices remain roughly 40% below the previous high of $4,950.

“$ETH open interest is now back above the October 10th crash level.”
— K A Y (@kay_drake_) Link

The disparity between rising open interest and stagnant prices indicates growing trader alignment. However, without upward price movements confirming the trend, the risk remains if support fails.

Interestingly, ETH’s performance compared to Bitcoin (BTC) has begun to shift as Van de Poppe pointed out, saying that ETH has been outperforming since April 2025, characterizing it as “an Ethereum market,” akin to the dynamics of 2019.

As previously reported, Ethereum continues to maintain above $3,000 while developing a Wyckoff structure, with a confirmed break above $4,000 potentially paving the way to ranges between $5,000 and $7,000.