I have recently been looking at Ethereum's chart and noticed an interesting pattern. It is currently trading near $2.31K but facing strong resistance around the $2.45K area. After that sharp dip in February, the market has now formed a clear capitulation base, and buyers are starting to come back.

Derivative data is showing some promising signals. Open interest has fallen from its previous peak of 2.31k to around $30-2.45k, meaning excess leverage has been cleared. This is a healthy reset, and spot flow data indicates some opportunistic buying at recent lows.

Technically, the $2.45-$2.50 zone is the next major hurdle. A clear breakout above this area could open the path toward $2.89, and if it holds, there’s potential to go up to $3.25. On the downside, $2.20 and $2.10 are important support levels to watch.

In my opinion, Ethereum is currently consolidating within a narrow range, and the next big move will come from this consolidation. If bulls can hold above $2.50, we could see a stronger rally. But if it drops below $2.10, a deep pullback might begin.