Ethereum has been consolidating within a range of $3,200 to $3,500 for several months. This price stagnation comes even as broader cryptocurrency markets see upward movements and benefit from positive regulatory developments.
Traders have been utilizing increased leverage as indicated by the rising Estimated Leverage Ratio in Ethereum futures trading. This suggests that despite the lack of price action, market participants are taking on additional risk.
Furthermore, technical analysis indicates Ethereum recently formed a low at $3,201, signaling potential support levels as the asset tries to break free from its current range.