ETH is testing the same 4H demand that held the previous pullback.

Key levels:
• 1,820–1,840 is the immediate demand/decision zone.
• A 4H reclaim of 1,879–1,900 would improve structure and bring 1,940 back into play.
• A clean 4H close below 1,820 would invalidate the hold scenario and expose 1,800.

Open interest rose about 2.5% while price faded. That means positioning is building, but OI alone does not show whether the new risk is mainly long or short and does not confirm direction.

This is a scenario map, not a prediction.