Ethereum price is trading below major moving averages as rising futures open interest and flat price movements indicate rising liquidation risk and two-way volatility.
summary
- Ethereum price briefly broke through the downtrend line and tested resistance before being rejected and holding a cap below the 100-day and 200-day moving averages.
- The RSI has cooled down from overbought, but a nearby bullish order block and previous resistance that has turned into support define important zones to watch for a pullback or breakdown.
- Futures open interest is rising even as prices are slowly recovering. This is a structure that has historically occurred when speculative positions are unwound before rapid liquidations occur.
The price of Ethereum has increased about 1-1.5% in the past 24 hours, adding about $40-45 per coin. The 24-hour range is between approximately $3,160 and $3,260 per token, indicating subdued but active trading.
Tom Lee: $3,000 ETH is the most undervalued asset
Bitmine Chairman Tom Lee said at Binance Blockchain Week on December 4th that Ethereum at $3,000 is severely undervalued and that the current crypto market decline is primarily related to deleveraging. pic.twitter.com/mRVRoHDcKO
— Wu Blockchain (@WuBlockchain) December 12, 2025
According to the analysis, despite the cryptocurrency breaking above the trend line, it is still below the 100-day moving average and the 200-day moving average. Recent price action has shown a rejection from the same resistance zone that limited gains in early November.
Ethereum price rises
According to the report, technical indicators suggest potential support near a bullish order block that coincides with a recently broken trend line. On a shorter time frame, Ethereum (ETH) broke above the bearish trend line, but quickly encountered resistance and fell below previous levels.
The relative strength index has fallen from overbought conditions, indicating weakening momentum, the analysis said. The previous resistance level has turned into a small support zone, but the recent price movement has shown limited follow-through.
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According to market data, the open interest in Ethereum futures contracts has gradually increased and remains at a high level, while the price has shown a gradual recovery. Historical patterns indicate that rising open interest and flattening or falling prices precede large price movements in either direction.
When open interest increases faster than price, the analysis says, it is usually a sign of active speculative positions that can lead to liquidation. The current market structure suggests increased risks without corresponding spot market demand, the report said.
As of the latest data, Ethereum is trading below major moving averages, and technical analysts are monitoring whether the cryptocurrency can maintain support levels or face further downside pressure.
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