Key Highlights
- ETH currently trades in the $2,095–$2,110 range, beneath critical moving average indicators
- Smaller holders offloaded 110,000 ETH over the past week, extending a downtrend that began in November
- American spot Ethereum ETFs witnessed approximately $216 million in net withdrawals for the second week running
- The Coinbase Premium metric declined further, signaling diminished purchasing interest from US traders
- Futures market participants continue accumulating positions on price dips, with open interest exceeding 15M ETH
Ethereum maintains a precarious position just under the $2,100 threshold this Monday, posting modest gains of approximately 1% while failing to establish any meaningful bullish momentum. The digital asset retreated beneath $2,110 and its 100-hour Simple Moving Average following an unsuccessful attempt to defend the $2,120 price point.
Investors controlling wallets containing 100 to 1,000 ETH liquidated 110,000 ETH over the previous seven days. This distribution trend has persisted since November, reflecting sustained pressure as smaller market participants realize their holdings for fiat currency.
Large-scale holders managing portfolios between 1,000 and 100,000 ETH demonstrated negligible activity during the same period. This represents a departure from the previous week’s selling behavior, potentially indicating that major stakeholders have largely completed their distribution cycles.
Market analyst Ted Pillows highlighted the concerning price dynamics through social media channels, cautioning that ETH’s inability to recapture the $2,150 threshold represents a bearish development. “This is not a good sign and shows more weakness could be on the way for Ethereum,” he posted.
ETH remains confined below its average on-chain acquisition cost for both retail and whale segments, which ranges between $2,200 and $2,500. This zone functions as resistance, with holders initiating sales as prices approach their cost basis.
American Market Sentiment Deteriorates
The Coinbase Premium Index experienced additional deterioration over the past week, extending a downward trajectory that commenced in late April. This indicator measures the price differential between Coinbase and competing exchanges, serving as a barometer for American investor appetite. A declining figure indicates US market participants are refraining from purchases.
American spot Ethereum exchange-traded funds reinforced this narrative, recording approximately $216 million in net capital withdrawals for a consecutive second week. These investment vehicles are currently experiencing a ten-day consecutive outflow sequence, based on SoSoValue analytics.
Examining the daily timeframe, Ethereum trades beneath its 20-, 50-, and 100-day Exponential Moving Averages, positioned between $2,183 and $2,308. The Relative Strength Index hovers near 39, indicating subdued purchasing pressure. The Stochastic Oscillator shows recovery from oversold conditions, though upside potential appears constrained by overhead moving average resistance.
Critical Price Zones Under Observation
Nearterm resistance emerges at $2,110, followed by $2,120 and $2,150. A decisive move above $2,220 would potentially unlock pathways toward $2,250 or $2,320.
For downside scenarios, initial support materializes at $2,075, then $2,060. A breach below these levels could drive ETH toward $2,020 and the psychological $2,000 mark. Should these floors collapse, $1,940 represents the subsequent major support structure.
Notwithstanding the bearish price dynamics, ETH futures open interest advanced beyond 15 million ETH while funding rates maintained positive territory, according to Coinglass metrics, indicating derivatives market participants continue accumulating positions during price corrections.
