Currently, Ethereum<\/a> is trading in the $3,100 \u2013 $3,140<\/strong> zone, showing a slight correction over the last 24 hours. But don’t be fooled by this apparent lethargy. Beneath this trend, the derivatives market structure suggests a far more bullish<\/strong> underlying movement than it appears.<\/p>\n\n\n\n According to on-chain data, the estimated leverage ratio on Ether has dropped from its peak of 0.79 (on January 2) to 0.67<\/strong> recently. Yet, the Open Interest<\/strong> continues to climb. In trading jargon, this divergence is an excellent sign: it indicates that traders are reopening positions<\/strong>, but with less excessive leverage<\/strong>. The market has “purged” itself of weak hands, drastically reducing the risk of a cascading long squeeze. This type of setup often precedes organic and sustainable movements.<\/p>\n\n\n\n The other major catalyst identified on the charts is the behavior of the CVD (Cumulative Volume Delta)<\/strong> on the Spot market<\/a>. Unlike fragile rallies driven solely by futures contracts, Ethereum’s recent momentum is supported by genuine spot buying pressure.<\/p>\n\n\n\nSpot Demand Takes Over from Speculators<\/h2>\n\n\n\n