Ethereum is holding firm around key support levels and could see upward momentum if it can maintain current support and overcome resistance.
For context, Ethereum (Ethereum) is currently trading at $3,134, reflecting a modest 0.5% increase over the past 24 hours. Prices fluctuated between $3,071 and $3,141, indicating a relatively narrow daily price range. There are also hints of consolidation around the $3,100 level, which could indicate that Ethereum is building a foundation for a potential continuation of its upward momentum.
A look at Ethereum’s broader performance shows a 2.5% decline over the past week due to a temporary pullback. However, it has risen 5.5% in the past 14 days, indicating a more positive medium-term outlook.
If this upward momentum continues, Ethereum could be poised to challenge the $3,160 resistance level once again. However, maintaining a position above the $3,100 support zone is important for the bullish outlook to continue.
Where will the price of Ethereum go?
Notably, Ethereum is currently undergoing a consolidation phase, with price fluctuations between the upper Bollinger Band at $3,276.54 and the lower Bollinger Band at $2,852.52.
Ethereum price analysis
The $3,200 area has proven to be an important resistance zone. Ethereum We have faced repeated challenges. The center line of the Bollinger Bands near $3,064 is acting as a dynamic support level, suggesting that Ethereum is trading in a relatively stable channel as long as this level holds.
On the downside, $2,940 and $2,852 represent major support zones. A break below these levels could trigger a deeper retracement towards $2,700 and even $2,600.
On the other hand, the Stochastic RSI is close to the oversold region with a value of 29.65. At this point, unless the blue line crosses the orange line and the RSI crosses the 50 mark, there may not be enough momentum to push Ethereum higher in the short term.
Ethereum open interest
Another chart from CoinGlass highlights The long-term relationship between Ethereum price and open interest-weighted funding rate. EthereumThe price of has shown recent fluctuations around $3,121, while the OI weighted indicator showed a positive value of 0.0074%.
Ethereum OI Weighted Funding Rate
The OI weighted index tracks the impact of open interest on price movements, with higher measurements indicating stronger market participation. Notably, this chart shows that OI has increased recently, suggesting increased investor confidence and liquidity.
The chart also shows a noticeable divergence between price and OI weights in early December 2025 and early January 2026. This divergence may indicate a potential change in market sentiment, with OI weights increasing during price corrections. This could indicate an accumulation or increase in larger price movements.
