Key Highlights
- ETH currently fluctuates between $2,095 and $2,110, trading beneath critical moving averages
- Smaller holders dumped 110,000 ETH over the past week, extending a months-long selling trend
- Spot Ethereum ETFs in the United States witnessed approximately $216M in net withdrawals for the second week running
- The Coinbase Premium Index continues its descent, signaling diminished buying appetite from American traders
- Futures market participants show contrarian behavior, with open interest surpassing 15M ETH
Ethereum maintains a precarious position just beneath the $2,100 threshold this Monday, posting modest gains of approximately 1% while facing difficulty generating sustained bullish momentum. Following unsuccessful attempts to secure the $2,120 zone, the cryptocurrency has dipped below both $2,110 and its 100-hour Simple Moving Average.
Investors controlling wallets with 100 to 1,000 ETH liquidated 110,000 tokens throughout the previous week. This distribution pattern represents a continuation of selling activity that commenced in November, demonstrating ongoing pressure from mid-sized participants looking to exit their positions.
Meanwhile, major holders—addresses containing between 1,000 and 100,000 ETH—displayed virtually no activity during the same period. This represents a notable change from the preceding week when these participants were actively reducing holdings, potentially indicating that significant stakeholders have completed their distribution cycles.
Market observer Ted Pillows highlighted the concerning price dynamics through social media channels, cautioning that ETH’s inability to break back above $2,150 represents a bearish technical development. “This is not a good sign and shows more weakness could be on the way for Ethereum,” he posted.
The digital asset remains trapped below its average onchain acquisition cost for both retail and whale segments, which ranges from $2,200 to $2,500. This zone functions as a formidable resistance barrier, with holders looking to liquidate positions when prices approach their entry points.
American Market Appetite Deteriorates
The Coinbase Premium Index experienced additional decline throughout last week, extending a downtrend that initiated in late April. This indicator measures the price differential between Coinbase and alternative trading platforms, serving as a barometer for purchasing demand from United States-based investors. Its continuing fall indicates American market participants remain on the sidelines.
United States-based spot Ethereum exchange-traded funds reinforced this narrative, recording approximately $216 million in net capital withdrawals for a consecutive second week. These investment vehicles have now experienced outflows for ten straight trading sessions, according to data compiled by SoSoValue.
Examining the daily timeframe, Ethereum trades below its 20-day, 50-day, and 100-day exponential moving averages, which congregate between $2,183 and $2,308. The Relative Strength Index hovers near 39, reflecting subdued market interest. While the Stochastic Oscillator shows signs of recovery from oversold conditions, upward movement faces constraints from the overhead moving average cluster.
Critical Price Thresholds
The nearest overhead barrier appears at $2,110, followed by $2,120 and $2,150. Successfully clearing $2,220 would potentially unlock pathways toward $2,250 or $2,320.
For downside protection, initial support materializes at $2,075, with subsequent floors at $2,060. Losing these levels could accelerate declines toward $2,020 and the psychologically significant $2,000 mark. Should these defenses crumble, $1,940 emerges as the next substantial support zone.
Despite the prevailing price weakness, Ethereum futures open interest elevated beyond 15 million ETH while funding rates maintained positive territory, according to Coinglass metrics, indicating derivatives market participants continue accumulating positions during price retreats.
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