The anchoring bias keeps Ethereum in a battle between $3,000 and $3,200

Current data reveals where the money is really at

Ethereum is trading around $3.15K with a +1.92% move in 24 hours and a daily volume of $396.99M. Behind these simple numbers lies a much more complex reality: the price is not floating randomly, but is being contained by deliberate decisions of derivatives traders.

The levels of $3,000 and $3,200 are not random chart numbers. They represent psychological anchor points where options activity is most concentrated. The lower level acts as technical defense—a critical strike price where put sellers support the decline. The upper level marks the zone where call demand begins to exhaust, creating a natural resistance barrier.

The market has shifted all its chips to 2026

This is where the story gets interesting. Options activity is not evenly distributed. Short-term contracts remain relatively quiet, but there is a steady flow toward expirations at the end of 2025 and all of 2026. This does not mean panic or urgency—quite the opposite.

When traders extend their exposure toward distant expirations instead of betting on immediate moves, they are signaling confidence in higher prices, but with patience. This pattern appeared in similar historical contexts: during the compression of 2023 and early 2024, ETH spent weeks in a range before executing significant moves.

The put/call ratio of approximately 0.63 confirms a bullish bias, but without exuberance. Traders are positioned for sustained gains, not for an immediate explosion.

Why the price is trapped ( and why it’s important)

The distribution of option strikes creates a very particular anchoring effect. Most of the call volume is concentrated between $3,000 and $3,300, while puts remain modest. This setup generates two things simultaneously:

• A floor that defends itself at $3,000
• A ceiling that resists without being impenetrable at $3,200

The result: Ethereum oscillates within this range because institutional and sophisticated traders have economic incentives to keep the price within these parameters. It’s not a conspiracy—it’s pure market mechanics.

Signals that could force a change

ETH has maintained an upward support structure since mid-November, consistently bouncing at progressively higher levels. However, attempts to break above $3,200 have systematically failed, and here’s the critical detail: spot volume is declining.

When volume compresses significantly, the subsequent breakout tends to be violent. If ETH’s price manages to close consistently above $3,200 with buying momentum in spot, then the next technical target would be the resistance zone between $3,225 and $3,300. Breaking that area would require genuine institutional absorption volume.

The reality of 2026

Ethereum is not trapped indefinitely—it is being strategically positioned. Options traders extending risk into 2026 expect much more ambitious targets: $5,000 to $6,000 is the range many have on their radar for that period.

In an even longer-term horizon, in 2030, some traders’ theories reach $8,000-$10,000 if adoption in DeFi, NFTs, and the institutional sector continues accelerating. Can ETH reach $10,000? Yes, but it would first need to surpass $6,000-$7,000 with genuine market momentum.

What this means now

Until short-term options activity returns and spot volume revives, Ethereum will remain in this waiting game. The price stays sideways, not due to fundamental weakness, but because smart money has already taken its positions and is waiting for the calendar to advance.

The anchoring bias that currently keeps ETH between $3,000 and $3,200 is temporary—a strategic pause, not a permanent ceiling.

When will Ethereum break this range?
The move will depend on the return of spot volume. Without an increase in real buying demand, bullish attempts will continue to dissipate.

What is Ethereum’s target price for 2026?
Long-term traders aim for $5,000-$6,000, assuming sustained network activity growth.

Where could ETH go in 2030?
In a sustained bullish scenario, $8,000-$10,000 is achievable, provided it first surpasses $6,000-$7,000.

Does Ethereum need to break $3,200 first?
Yes. The $3,200 level is the gateway to larger moves. Below this level, the range persists.