ETH Consolidates While Open Interest Cools and BitMine Expands Holdings

• ETH consolidates near $2,900 as EMA resistance and lower highs cap upside momentum
• Futures open interest cools while spot outflows persist, signaling leverage reduction
• Institutional accumulation supports long-term outlook despite short-term technical caution

Ethereum hovered near the $2,900 level as traders weighed mixed technical signals, derivatives positioning, and long-term accumulation trends. The asset entered a consolidation phase after a sharp rejection from the $3,400–$3,450 zone earlier this month. 

That rejection altered the short-term structure and forced market participants to reassess near-term direction. Despite recent weakness, Ethereum continued attracting attention from institutional players and long-term holders, keeping broader market interest intact.

Ethereum Price Structure Signals Caution

Ethereum traded around $2,930 while struggling to reclaim key technical levels on the four-hour chart. Price action remained capped below the 50, 100, and 200 exponential moving averages clustered near $3,050–$3,160. 

Consequently, this zone acted as dynamic resistance and limited upside attempts. Additionally, the recent rebound failed to reclaim the 0.618 Fibonacci level near $3,135, reinforcing seller control.

Volatility narrowed during recent sessions, pointing toward a range-bound environment. Besides that, lower highs formed since the December peak, shifting the broader bias from bullish to neutral. 

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Immediate support held near $2,900, while deeper levels rested near $2,875 and $2,820. Hence, a sustained breakdown below these zones could expose a larger move toward $2,620.

Futures and Spot Data Reflect Measured Risk

Ethereum futures open interest offered insight into trader behavior during consolidation. Data showed open interest near $39 billion as ETH traded around $2,960. Significantly, this followed a contraction from prior peaks that aligned with local price highs. That pattern suggested leverage reduction rather than aggressive bearish positioning.

Additionally, spot exchange flows continued favoring outflows over inflows. Red bars dominated most sessions, reflecting continued withdrawals from centralized exchanges. 

Moreover, intermittent inflow spikes appeared during short-term price rallies, pointing to limited profit-taking. The latest session recorded a net outflow near $76 million, reinforcing the view of reduced liquid supply.

Institutional Accumulation Adds a Longer View

Long-term conviction emerged from corporate accumulation trends. BitMine Immersion Technologies recently added over 102,000 ETH to its treasury, lifting total holdings near four million tokens. Consequently, the firm controlled more than three percent of total Ethereum supply. This move followed a $70 million Ethereum purchase announced earlier.

However, BitMine’s stock price declined sharply over recent months, reflecting execution risk and market skepticism. Despite that, the company continued preparing its MAVAN staking platform, targeted for a 2026 rollout. Management projected potential annual revenue near $400 million from staking operations.

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Technical Outlook for Ethereum Price as Key Levels Tighten

Ethereum price continues to compress within a clearly defined range, keeping both upside and downside levels in focus as volatility builds. ETH trades below major moving averages, leaving the short-term structure neutral with a bearish tilt. Hence, price reaction around nearby resistance and support zones will likely determine the next directional move.

Upside levels: Immediate resistance sits at $3,045–$3,095, where the EMA cluster caps price. A sustained move above $3,135 could shift momentum and open a push toward $3,275–$3,300. Acceptance above $3,300 would improve odds of a retest of the $3,400–$3,450 supply zone.

Downside levels: Initial support rests at $2,935–$2,900. A breakdown below this area exposes $2,875, followed by $2,820. Failure to hold these levels could accelerate losses toward the $2,620 macro support.

Resistance ceiling: The $3,045–$3,135 zone remains the key area to flip for a short-term bullish recovery. Rejection here keeps ETH range-bound.

Will Ethereum Go Up?

Ethereum price outlook depends on whether buyers can defend the $2,900 area while challenging the $3,045–$3,135 resistance band. Technical compression suggests a volatility expansion ahead. 

If momentum improves with rising participation, ETH could revisit $3,275 and higher. However, a loss of $2,875 would weaken structure and increase downside risk. For now, Ethereum remains at a pivotal inflection point.

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