Key Takeaways
- Ethereum is currently trading around $2,680, stuck beneath the critical $2,710-$2,720 resistance barrier.
- Approximately 125K ETH have moved to exchanges since last Friday, indicating increased selling pressure.
- Spot Ethereum ETF inflows in the US plummeted from $269.9 million to just $17.1 million within one week.
- BitMine expanded its Ethereum position by 17,362 ETH recently, pushing total holdings to around 6 million ETH.
- Market participants are closely monitoring $2,650 as support and $2,720 as resistance for directional clarity.
Ethereum is currently hovering around the $2,680 level. Over recent trading sessions, the asset has remained range-bound just under $2,700, maintaining its position above crucial moving average indicators.
Since Friday, exchange balances for Ethereum have increased by approximately 125K tokens. This migration of coins to trading platforms typically signals that investors may be positioning for potential sales.
According to Santiment analytics, realized gains reached $222 million last Friday. This metric has moderated in subsequent sessions as trading activity cooled.
The Coinbase Premium Index, which measures purchasing sentiment from US-based traders, declined to -0.0483. This represents the lowest value recorded in nearly fourteen days.
Institutional demand through US-based spot Ethereum ETFs has weakened considerably. SoSoValue data reveals inflows contracted from $269.9 million last week to merely $17.1 million by Monday.
Market participants appear to be reducing exposure ahead of critical US economic releases, with inflation data expected Wednesday and employment figures due Friday. Geopolitical tensions have intensified following President Trump’s rejection of a proposed ceasefire arrangement with Iran.
Bond Market Pressures Mount as Yields Climb
The US 10-Year Treasury yield has surged approximately 70 basis points throughout this month. According to The Kobeissi Letter’s analysis on X, bond markets are currently anticipating four additional 25-basis-point rate hikes extending through June 2027.
Liquidation activity for Ethereum totaled $61.6 million across the last 24-hour period. Of this amount, short position liquidations accounted for $33.7 million.
Technical indicators on the daily timeframe show ETH maintaining a 14-day RSI reading of 62 alongside a Stochastic value of 71. Both metrics remain in positive territory while avoiding overbought conditions.
Initial support zones are established at $2,612 to $2,626, with additional backing at $2,544 and $2,431. More substantial support levels can be found near $2,275, $2,172, and $1,961.
For upside movement, initial resistance appears at $2,786, followed by barriers at $2,894 and $3,177. Market analyst Ash Crypto noted on X that Ethereum successfully defended $2,550 and concluded last week with a 1.66% gain, observing that the $2,300 to $2,800 zone has historically generated three significant breakouts on weekly charts, with a sustained push beyond $2,800 potentially targeting $3,600-$4,500.
Exchange Demand Shows Signs of Strengthening
Analyst Trader XO identifies $2,720 as the critical threshold required to unlock a trajectory toward $2,900 and the yearly opening price. Failure to breach this level keeps the broader $2,300-$2,700 consolidation range intact.
Analyst Trader Symba identified a potential bullish checkmate formation, designating the $2,650 to $2,710 area as a reaccumulation phase. Breaking above $2,710 could trigger moves toward $2,800 with subsequent targets at $3,000.
Technical observer CW8900 noted strengthening Coinbase buying activity accompanied by minimal selling pressure in recent sessions. Trading patterns from Binance and OKX display comparable demand characteristics, suggesting broad-based recovery momentum across multiple platforms.
Institutional investor BitMine acquired another 17,362 ETH during the past week. This purchase elevates the company’s cumulative Ethereum position to roughly 6 million ETH.
The post Ethereum (ETH) Consolidates Around $2,680 as Traders Eye Key Breakout Levels appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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