Ethereum (ETH) is approaching the decision point after 2 months of Chop

Ethereum is trading in the $3,140 range after two months; Analysts are looking for a breakout above $3,350, with targets around $4,000 – $7,000.

ETH has a price of around $3,140 at the time of writing, showing a gain of 1% in the last 24 hours and a slight loss in the last week.

Ethereum maintains range as traders look for a break

ETH has failed to move out of its trading range since late 2025. Analyst Daan Crypto Trades noted that price action has remained choppy. proverb,

“I’m still patiently waiting for one of these levels to be broken.”

Resistance remains near $3,350, with support just above $2,630. Despite some attempts to rise, ETH is still below the major moving averages. The Daily 200 EMA is around $3,340, and the Daily 200 MA is higher at 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 above a key resistance zone, which could now act as support.

“The probability of new monthly highs has increased significantly,” he said.

ETH is also following an upward trend line from the December low, showing a stable structure on lower time frames. The next upside zone is close to $3,800.

Meanwhile, the asset faces near-term liquidity clusters both above and below current levels. Analyst Ted pointed out“There are large short liquidations between $3,150 and $3,250‘ and added: ‘There is a liquidity cluster around the $3,000-$3,050 level.The price may move through both in the coming days.

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Futures activity returns to pre-crash levels

Futures open interest on ETH has fully recovered from the October crash and now holds about 5.07 million contracts, KAY said. This level matches the peak before the market decline, yet the spot price remains almost 40% below the previous high ($4,950).

$ETH open interest is now back above the crash level of October 10.

Meanwhile, prices are still down by almost 40%.

No matter what, people never learn crypto. pic.twitter.com/PfC6PVOPrD

— KAY (@kay_drake_) January 12, 2026

The gap between rising open interest and flat price indicates growing positioning by traders. However, a lack of upside price confirmation could indicate risks if support fails.

Interestingly, the trend of ETH against Bitcoin (BTC) is also starting to shift. From de Poppe noted that ETH has been performing better since April 2025 and it “an Ethereum market,comparable to 2019. Structure remains intact for the time being.

As previously reported, Ethereum continues to hold over $3,000 while forming a Wyckoff structure. An established break above $4,000 could open the way to levels between $5,000 and $7,000.