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ETH Ethereum prices are still below the main trading volume distribution levels, and long-term support levels are being closely watched by the market. Despite recent price weakness and technical bearish outlook, ETH derivatives trading activity on mainstream exchanges remains active. The volume distribution shows resistance above the current price, while $1,385 remains the closely watched long-term support level. Ethereum prices continue to be under pressure after failing to break through the main volume distribution, while derivatives trading volumes remain high, traders are closely watching whether long-term support can withstand a new round of selling.
Ethereum trading below the main volume levels
The latest chart shared by Alex Marzell on the X platform focuses on Ethereum's volume distribution. The analysis looked at a trading range that had remained unchanged for more than two years. Marzell predicts that ETH may eventually fall below the $1,385 support level.
Source:X
Fixed range volume distribution identifies multiple key technical reference points. The Value Area High remains close to $3,677 across the chart. The Point of Control is approximately $2,629. Another important level appears at the Value Area Low of $2,162. Ethereum is still trading below this long-term boundary, and continued below this level puts pressure on the overall structure. As of writing, market data shows Ethereum is trading at $1,890.07, down 1.31% in the past 24 hours, but up 3.46% in the past week.
Long-term structure still favors sellers
The chart also shows that Ethereum's previous rally, which was close to $4,900, then turned into a long-term correction trend, forming a lower high as it continued to decline. Multiple rebound attempts failed near the $2,600-$2,800 resistance zone. These refusals prevented Ethereum from regaining control and sellers still controlled the high-volume trading area.
Marzell identified $1,385 as the next major support reference level and believes this level is becoming increasingly fragile. His judgment is based on prices that continue to fall below established value areas. Immediate support appears near the $1,750-$1,800 area, and losing this area may draw attention to lower skills levels. Recovering $2,162 will bring Ethereum back into its historical value range.
Derivatives trading activity remains widespread on major exchanges
Coinglass data shows that participation in Ethereum derivatives remains active on mainstream exchanges. Binance led the way with approximately US$6.62 billion in open interest contracts, with MEXC, Gate and CME also reporting a large number of open futures positions.
Source:Coinglass
In the latest trading session, trading volumes show different market rankings. OKX led the way with ETH trading volume of approximately US$9.72 billion, followed by Binance and Coinbase, with strong liquidity levels. Bybit recorded the highest number of futures transactions on monitored exchanges, with more than 5.38 million futures transactions executed, with Gate and Binance ranking among the top three. Derivatives data reflects extensive market participation, with multiple trading venues maintaining high liquidity despite the weak technical structure of Ethereum. Combined with the volume distribution, traders continue to pay attention to whether Ethereum prices can recover higher-value areas or whether they will continue their long-term downward trend.
