Ether rallied in early January as spot buying strengthened while futures positions rebuilt, lifting open interest but not yet pushing price to new highs. Data shows the estimated leverage ratio peaked at 0.79 on Jan. 2 and fell to 0.67 by Jan. 11, signaling healthier positioning and lower liquidation risk (Data shows).
Aggregated futures open interest returned to pre-drawdown levels even as ETH trades about 27% below its Oct. 10 opening price. Spot cumulative volume delta rose with the rally, indicating net market buying and a more durable price base.
The long/short accounts ratio held near 2.66, reflecting a bullish skew without aggressive leverage buildup. Traders added exposure while leverage declined, suggesting measured risk-taking (Ed. note: leverage eased despite rising open interest).
Onchain activity added to bullish signals as BitMine staked 110,000 ETH worth $340 million on Jan. 12, bringing its three‑week total to about $3.7 billion and potential annual yield near $95 million. Lookonchain reported the stake.
Broader market cues also supported the view that ETH could advance as the Russell 2000 hit a record 2,664, a pattern Max linked to prior ETH moves (noted). Investor Jelle said Ether turning major weekly resistance into support “feels pretty big,” and added ETH above $4,000 “could finally have its moment.”
