Key Highlights
- ETH maintains position around $2,680, holding firm beneath the critical $2,710-$2,720 resistance area.
- Exchange holdings increased by approximately 125K ETH from Friday onward, indicating heightened profit-taking behavior.
- Spot ETH ETF flows in the US declined sharply from $269.9 million to just $17.1 million within one week.
- BitMine accumulated 17,362 ETH over the previous week, pushing total reserves to around 6 million ETH.
- Market participants are closely monitoring the $2,650 support floor and $2,720 resistance ceiling for directional signals.
Ethereum is currently hovering around the $2,680 mark today. Over recent days, the cryptocurrency has remained in a consolidation phase just beneath the $2,700 threshold while maintaining its position above critical moving average levels.
Exchange holdings for Ethereum have increased by roughly 125K tokens since the end of last week. This uptick suggests more tokens are being transferred to trading platforms, typically indicating that investors may be positioning themselves for potential sell-offs.
According to Santiment analytics, realized profit levels reached $222 million on Friday. This metric has since moderated throughout subsequent trading sessions as market activity cooled.
The Coinbase Premium Index, a gauge of purchasing sentiment among US-based traders, dropped to -0.0483. This represents the indicator’s weakest performance in approximately two weeks.
Institutional demand through US spot ETH ETFs also weakened considerably. Flows contracted from $269.9 million seven days prior to merely $17.1 million by Monday, based on SoSoValue data.
Market participants seem to be reducing risk exposure in anticipation of crucial US inflation statistics and employment data scheduled for Wednesday and Friday releases. Additionally, diplomatic negotiations between the US and Iran have reached an impasse following President Trump’s rejection of a proposed ceasefire agreement.
Treasury Yields Climb Amid Growing Macro Concerns
The US 10-Year Treasury yield has risen approximately 70 basis points throughout this month. The Kobeissi Letter highlighted on X that bond market participants are currently pricing in four additional 25-basis-point rate hikes extending through June 2027.
Ethereum has experienced $61.6 million in forced liquidations during the past 24-hour period. Positions betting on price declines accounted for $33.7 million of these liquidations.
Examining the daily timeframe, ETH displays a 14-day RSI reading of 62 alongside a Stochastic indicator at 71. Both technical measures remain in healthy territory while avoiding overbought conditions.
Initial support is established at $2,612 to $2,626, with subsequent levels at $2,544 and $2,431. Additional downside protection exists near $2,275, $2,172, and $1,961.
Regarding upside targets, initial resistance emerges at $2,786, followed by $2,894 and $3,177. Market analyst Ash Crypto mentioned on X that ETH successfully defended $2,550 and concluded last week with a 1.66% gain, noting that the $2,300 to $2,800 trading range has historically produced three significant breakouts on weekly charts, with a decisive close above $2,800 potentially targeting $3,600-$4,500.
Exchange Demand Shows Signs of Strength
Trader XO identifies $2,720 as the critical threshold required to unlock a rally toward $2,900 and the yearly opening price. Without penetrating that resistance, the $2,300-$2,700 trading channel remains the primary scenario.
Trader Symba identified a potential bullish checkmate formation, designating $2,650 to $2,710 as a reaccumulation area. Breaking above $2,710 could establish targets at $2,800 followed by $3,000.
CW8900 noted increased purchasing activity on Coinbase with minimal selling pressure during recent trading hours. Chart patterns from Binance and OKX demonstrate comparable demand levels, suggesting broad-based recovery momentum across multiple platforms.
BitMine expanded its position by acquiring 17,362 ETH throughout the past week. This transaction elevates the company’s aggregate Ethereum portfolio to roughly 6 million ETH.
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