Ethereum price stays below key averages despite growing futures demand

Ethereum traded below its 100- and 200-day moving averages during the latest session while futures open interest increased. Price rose roughly 1.5% over 24 hours, holding in a $3,160 to $3,260 range.

The token added about $40 to $45, but the rebound paused near a resistance area that capped advances in early November. Price briefly broke a descending trendline before losing momentum, leaving it under the longer-term averages.

Momentum indicators eased, with the Relative Strength Index retreating from overbought territory. On shorter timeframes, Ethereum moved above a bearish trendline, met immediate resistance, and slipped back below prior levels. A nearby support area that aligns with a bullish order block and the recently broken trendline is in focus.

Futures positioning remained active. Open interest in Ethereum futures has climbed and stayed elevated as spot gains remained modest. In earlier periods, rising open interest alongside flat or softer prices preceded sharp moves in either direction, often tied to liquidations of leveraged positions.

Market participants are watching whether the price can hold the identified support while it remains capped beneath the 100- and 200-day moving averages. Some earlier resistance levels have turned into minor support, though attempts to build on them have been brief.

Open interest measures the number of outstanding futures contracts. Rising open interest can reflect greater participation. When it expands faster than price, speculative positioning has at times been higher. In past instances, that backdrop amplified liquidations when prices moved against crowded positions.

As we reported earlier, CryptoQuant CEO Ki Young Ju said Ether trades below its modeled fair value, with ETHVal’s composite near $4,535, about 60% above spot. ETHVal aggregates 12 valuation models, most above $4,000, including a Metcalfe’s law output of around $9,534.