Ethereum (ETH) has entered a high-tension phase as derivatives data reveals over $2.7 billion in potential liquidation clusters on both sides of its current price, significantly increasing the probability of a sharp directional move in the near term. The market began the week positioned for higher volatility ahead of key macroeconomic catalysts, including U.S. unemployment data and a Supreme Court ruling tied to Trump-era tariffs.
A brief bullish push across Bitcoin, Ethereum, and major altcoins failed to hold, with selling pressure pushing prices back into established ranges. Ethereum has since tightened further into a symmetrical triangle pattern, reflecting growing market indecision. The ETH liquidation map indicates roughly $1.64 billion in short liquidations above current levels and approximately $1.05 billion in long liquidations below. A price move of around 10% in either direction could trigger cascading forced exits and abrupt volatility as these liquidations compound.
Technically, ETH is trading inside a symmetrical triangle defined by lower highs from the $3,300–$3,350 zone and higher lows rising from the $2,850–$2,900 support area. Direction depends on confirmation: a break above $3,300–$3,350 acts as the upside trigger, while a loss of $2,900 defines the key downside risk level.
According to a CryptoQuant analysis, derivatives data offers important context for this consolidation phase. Open Interest across Ethereum markets currently sits around $7.8 billion while price trades near $3,100. This positioning reflects a balanced environment—Open Interest is neither at extreme lows signaling mass unwinding nor at overheated highs associated with excessive leverage. Instead, data suggests market participants are largely maintaining existing positions, waiting for a clearer directional catalyst.
This behavior points to a compression phase that often precedes sharp moves. Notably, Open Interest has recovered above its SMA(30), SMA(50), and SMA(100) moving averages, signaling a renewed willingness to take risks in the leveraged market. If Ethereum can hold above $3,000 and Open Interest rises steadily—rather than through abrupt spikes—the setup favors a controlled, spot-driven advance toward the $3,700 area.
From a broader perspective, Ethereum's weekly chart shows a market caught between structural support and unresolved bearish pressure. After failing to sustain momentum above the $4,000–$4,200 zone in 2025, ETH entered a corrective phase pushing price toward the $3,000 area. The market is forming a wide consolidation range between roughly $2,700 and $3,400. Reclaiming and holding above the $3,300–$3,400 resistance zone would signal renewed strength, while a break below $2,800–$2,700 support could trigger further downside volatility.
