Key Highlights
- Ethereum reached $2,417 before facing rejection from sellers
- Critical resistance zone exists between $2,360–$2,400; support levels positioned around $2,190–$2,295
- Large wallet holders have distributed approximately 60K ETH after reaching their cost basis
- Futures open interest remains static at 14.2 million ETH without new capital entering
- Spot Ethereum ETFs in the United States recorded five consecutive days of positive flows, attracting $67.8M on Wednesday
Ethereum’s price surged to $2,417 before encountering significant selling pressure that drove the asset back below the $2,350 mark. This upward movement encountered a resistance barrier that market observers have been monitoring closely throughout the week.
Currently, the price hovers slightly above $2,300, maintaining its position above the 100-hourly Simple Moving Average. Sellers are actively protecting the $2,360 zone, where a short-term trend line provides additional resistance.
Resistance levels are concentrated between $2,360 and $2,420. Should buyers successfully breach the $2,420 threshold, Ethereum could target $2,450, followed by $2,500, and potentially $2,550. For support, traders are watching $2,295 as the initial level, with $2,265 and $2,200 serving as subsequent floors.
Examining the daily timeframe, ETH maintains its position above both the 20-day and 50-day EMAs, located at $2,214 and $2,190 respectively. The Relative Strength Index reads approximately 61, indicating moderate bullish momentum, though the Stochastic Oscillator hovering near 84 suggests overbought territory that might limit further gains.
The 100-day EMA positioned at $2,376 serves as the next immediate obstacle, sitting just beneath the horizontal resistance at $2,388. Breaking above this zone on a daily close would bring $2,746 and subsequently $3,411 into focus.
Large Holders Distributing Near Cost Basis
Blockchain analytics reveal that addresses containing 10K–100K ETH initiated distribution after prices recovered above their average acquisition price. These holders have sold approximately 60K ETH since the beginning of the week.
Additionally, two other wallet categories holding 100–1K and 1K–10K ETH have collectively distributed around 350K ETH over a seven-day period. Such distribution patterns typically indicate holders seeking to exit positions near their break-even points.
Futures open interest for ETH has remained unchanged at approximately 14.2 million ETH following the recent price spike. The seven-day moving average of the Taker Buy-Sell Ratio has also begun declining, suggesting weakening buyer enthusiasm in the derivatives market.
The past 24 hours saw $111.6 million in total liquidations across Ethereum positions. Long contracts accounted for $70.8 million of these forced closures.
Institutional Demand Provides Limited Support
United States-based spot Ethereum ETFs have achieved five consecutive sessions of positive net flows. Wednesday’s session alone attracted $67.8 million in new capital, based on SoSoValue tracking. While this indicates renewed institutional interest, market analysts note the inflow pace remains modest.
The 4-hour chart displays rejection from the $2,360 resistance area, with price action retreating toward the $2,190 support zone. If buyers successfully defend this level, another push toward the $2,400 region becomes feasible.
Ethereum currently trades at $2,350, sustaining its position above key short-term moving averages, with $2,360 representing the immediate hurdle for continuation.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
