Spot demand and futures positioning point to possible Ether test of $4,000

Ether’s recent rally has been driven by spot-market buying alongside growing futures positioning, a combination Cointelegraph said could set ETH up for a follow-up move toward $4,000.

Data cited by the outlet showed Ether’s estimated leverage ratio fell from 0.79 on Jan. 2 to 0.67 by Jan. 11 even as aggregated futures open interest rebounded to pre-drawdown levels; ETH still trades roughly 27% below its Oct. 10, 2025 opening price. Aggregate spot cumulative volume delta (CVD) rose with the rally, indicating spot-led demand, while futures CVD lagged. The long/short accounts ratio holding near 2.66 was described as reflecting a bullish skew without signs of aggressive crowding.

Onchain flows and macro signals added further context: Lookonchain reported BitMine staked 110,000 ETH on Jan. 12, bringing its three-week total to about $3.7 billion, and Max, CEO of BecauseBitcoin, noted the Russell 2000's new high at 2,664 may historically lead ETH into price discovery. Crypto investor Jelle said turning a major weekly resistance into support “feels pretty big” and called $4,000 the key hurdle, above which ETH “could finally have its moment,” the article noted. Cointelegraph also cautioned the piece does not constitute investment advice, and it remains uncertain whether these indicators will produce a sustained breakout to $4,000.

Key Topics

Crypto, Ether, Futures, Spot Market, Bitmine, Staking