Ethereum continues to trade beneath major volume profile levels, placing its long-term support structure under sustained scrutiny. Volume profile analysis tracks where the highest concentration of trading volume has occurred over a defined period, helping traders identify price levels the market has historically treated as significant. Despite bearish technical positioning, ETH derivatives activity remains robust across leading exchanges.

A chart analysis shared by Alex Marzell on X highlighted Ethereum's fixed-range volume profile, which has remained within an unchanged trading range for more than two years. Marzell projected that ETH could eventually fall below the $1,385 support level.

Ethereum Below Established Volume Zones

The fixed-range volume profile identified several notable technical reference points. Value Area High — the upper boundary of the price range containing roughly 70% of total traded volume — remained near $3,677, while the Point of Control, the single price level with the highest concentration of volume, stood at approximately $2,629. The Value Area Low was recorded at $2,162 — a long-established boundary that Ethereum currently trades below.

According to market data, Ethereum was trading at $1,890.07 at the time of writing. The asset declined 1.31% over the past 24 hours but gained 3.46% over the previous week. ETH remains well below its November 2021 all-time high near $4,891.

Long-Term Technical Structure Under Pressure

Marzell's chart also illustrated Ethereum's previous advance toward nearly $4,900, which subsequently transitioned into an extended corrective trend characterized by a series of lower highs.

Repeated recovery attempts failed near the $2,600–$2,800 resistance region, preventing Ethereum from reclaiming the Point of Control. Sellers maintained control of higher-volume trading areas throughout the decline.

Marzell identified $1,385 as the next major support reference, arguing that the level is increasingly vulnerable given continued weakness below established value zones. Immediate support appears around $1,750–$1,800. Losing that area could shift attention toward lower technical levels, while reclaiming $2,162 would restore Ethereum within the historical value range.

Derivatives Activity Remains Broad Across Exchanges

Coinglass data showed Ethereum derivatives participation remaining active across major exchanges. Binance led open interest with approximately $6.62 billion, while MEXC, Gate, and CME also reported substantial outstanding futures positions. The inclusion of CME, a venue widely associated with institutional participation, highlights the range of market participants engaged in ETH futures.

Trading volume rankings differed during the latest session. OKX led with nearly $9.72 billion in ETH volume, followed by Binance and Coinbase with strong liquidity levels.

Bybit recorded the highest futures trade count, with more than 5.38 million futures trades executed on the platform. Gate and Binance rounded out the top three positions.

The sustained derivatives activity comes amid broader institutional engagement with ETH, following the 2024 approval of US-listed Ethereum spot ETFs that expanded regulated access to the asset. The derivatives data reflects broad market participation despite Ethereum's weaker technical structure, with high liquidity available across multiple trading venues. Combined with the volume profile analysis, traders continue monitoring whether ETH can recover higher-value zones or extend its longer-term decline.