Ethereum (ETH) remains pressed below the key resistance level of $2,800 while whales actively accumulate assets and positive ETF inflows are observed.
Ethereum's Trading Situation
Ethereum is trading within a narrow range beneath the crucial mark of $2,800. Analysis from Daan Crypto shows that the current price is locked in a compressed trading range. Historical data indicates several rejections near $2,815, highlighting the significance of this area as a resistance zone. A breakout above this level could pave the way toward previous highs around $4,000.
Whale Accumulation
According to recent data from Santiment, Ethereum whales have added 1.49 million ETH to their holdings in the past 30 days. Wallets holding between 1,000 and 100,000 ETH grew their balances by 3.72%, equating to approximately $3.8 billion. This trend aligns with inflows of $1.4 billion into ETH ETFs, indicating institutional confidence in the cryptocurrency's potential.
Current Ethereum Metrics
At the time of writing, Ethereum is trading at $2,639.49, up 3.54% over the past 24 hours. The trading volume surged by 66.65%, totaling $20.65 billion. Short-term resistance is forming around the $2,650 mark, temporarily halting further gains.
Ethereum's trading remains influenced by institutional flows and broader market conditions. Market watchers are keen on whether the cryptocurrency can break through the $2,800 ceiling and sustain upward momentum.
