Inspection of Ethereum's Value: Anticipating Major Fluctuation Following Increase to $2.8K

Ethereum's price has been in the spotlight following weeks of uneven performance as volatility increases across the crypto market. Currently consolidating just below the $2,800 resistance zone, Ethereum's price has been fluctuating within a narrow range between key resistance around $2,800 and the $2,500 demand zone. If the $2,500 support level fails and the channel breaks downward, a deeper pullback into the $2,100-$2,200 imbalance zone becomes likely.

Ethereum's open interest (OI) has hit a new high of over $21.7B across all exchanges, despite its price being below recent highs. This divergence, with increasing OI and a relatively stable price, often precedes sharp volatility. Traders are advised to prepare for a potential major move as the rising OI and flat price trend is seldom sustainable.