Despite relative strength versus Bitcoin, Ethereum remains down about 32% from its October peak in dollar terms. A daily ETHUSDT futures chart shows price near $2,998 after a 0.89% session decline. The session ranged between $2,985 and $3,028.
Price continues to trade inside a broad horizontal range. Resistance sits near $4,400 to $4,500, while support rests close to $2,800. December’s 1.67% rebound failed to sustain momentum.
Meanwhile, aggregated open interest data from Velo shows steady growth since October. Open interest now sits near 5.08 million contracts after fully recovering from the October 10 crash. Analyst Ted Pillows noted leverage has returned even as price remains far below prior highs.