Ethereum price is again approaching the $2,600 level. On-chain data suggests it is not just a resistance level on charts.
Surge in Profitable Transactions
Recent data shows a significant rise in daily profitable transaction volume. This indicates that many wallets are exiting at this level. Such a rise should not necessarily be viewed as panic selling, but rather as careful risk management at a key resistance zone.
Low Exchange Volumes
On-chain flow analysis indicates that net exchange flows have remained low even amid rising profitable transactions. This suggests that token holders are either holding or rotating their assets elsewhere, not rushing to sell on centralized exchanges.
Position of Whales
Whale transaction data shows no signs of large players actively buying or selling at this level. This inactivity may indicate preparation for a sharp move: either a breakout or a reversal anticipated ahead of time. If whales re-enter the market after breaching $2,650, it could confirm further upward movement.
At the moment, Ethereum demonstrates a stable price structure, but significant progress requires breaching the $2,650 level with increased trading volumes. The conditions remain uncertain, which might suggest upcoming market fluctuations.
