Ethereum (ETH) has been moving sideways over the past two months and has been trading in a range of about $2,600 to $3,350. The asset is stuck without any definite trend, and analysts are on the lookout for a breakout that will give an indication of the next action. ETH is priced at around $3,140 at press time, showing a 1% gain in the last 24 hours and a slight loss over the past week. Ethereum Holds Range as Traders Watch for Break ETH has failed to break out of its trading range since late 2025. Analyst Daan Crypto Trades noted that the price action has stayed choppy, saying , “Still patiently waiting for either of these levels to be broken.” Resistance remains near $3,350, with support just above $2,630. Despite a few attempts to rally, ETH is still below key moving averages. The Daily 200 EMA is near $3,340, and the Daily 200 MA is higher, around $3,630. Until ETH can close above these levels, the broader trend remains uncertain. In addition, analyst Michaël van de Poppe commented that ETH is holding above an important resistance zone, which could now act as support. “The likelihood towards new monthly highs has significantly increased,” he said. ETH is also following an upward trendline from its December lows, showing a steady structure on lower timeframes. The next upside zone sits close to $3,800. Meanwhile, the asset faces short-term liquidity clusters, both above and below current levels. Analyst Ted pointed out , “ There are large short liquidations from the $3,150–$3,250 level ” and added, “ There’s a liquidity cluster around the $3,000–$3,050 level. ” The price may move through both in the coming days. Futures Activity Returns to Pre-Crash Levels Futures open interest on ETH has recovered fully from the October crash and now sits around 5.07 million contracts, according to KAY. This level matches the peak seen before the market drop, yet the spot price remains nearly 40% below its previous high ($4,950). $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. pic.twitter.com/PfC6PVOPrD — K A Y (@kay_drake_) January 12, 2026 The gap between rising open interest and flat price suggests growing positioning by traders. However, a lack of upward price confirmation may point to risk if support fails. Interestingly, ETH’s trend against Bitcoin (BTC) has also started to shift. Van de Poppe noted that ETH has been outperforming since April 2025, calling it “ an Ethereum market, ” similar to 2019. Structure remains intact for now. As previously reported , Ethereum continues to hold above $3,000 while forming a Wyckoff structure. An established break above $4,000 may open the way to levels of between $5,000 and $7,000. The post Ethereum (ETH) Nearing Decision Point After 2 Months of Chop appeared first on CryptoPotato .
