Ethereum (ETH) is currently facing a critical resistance zone, with on-chain data showing that nearly 4.54 million wallets are holding 5.58 million ETH between $1,850 and $1,880. This supply barrier could trigger sell pressure and stall the momentum of the recent price increase. Many of these holders may be looking to exit at break-even, creating a strong resistance level that Ethereum needs to overcome.
In addition to the supply barrier, there are other factors that raise caution for Ethereum investors. The total Exchange Reserve has climbed 4.32%, indicating that more ETH is being transferred to exchanges. This could suggest that investors are preparing for potential selling, especially as prices test resistance levels. Rising reserves alongside waning buy-side demand could lead to increased volatility in the market.
Furthermore, the derivatives market is showing aggressive long positioning, with Open Interest surging by 10.07% to reach $13.1228 billion. The Long/Short Ratio on Binance also indicates that 59.5% of traders are long, while only 40.5% are short. While this dominance of long positions reflects bullish sentiment, it also introduces liquidation risk. If Ethereum fails to break above resistance convincingly, overly leveraged long traders could accelerate downside pressure through forced liquidations.
On-chain whale behavior is also not confirming bullish momentum for Ethereum. Large Transaction Volume has dropped by 5.44%, signaling hesitation or strategic exits by large holders. Typically, a rise in Large Transaction activity precedes major breakouts, but the current decline may reflect caution due to Ethereum’s proximity to a well-defined sell zone. Limited whale support weakens confidence in the sustainability of the rally.
Despite these cautious signals, Ethereum’s price structure looks technically optimistic. A clean breakout above a long-term descending trendline has occurred alongside the formation of an inverted head and shoulders pattern. This classic bullish reversal setup suggests the potential for a sustained uptrend if the price holds above the neckline. The Parabolic SAR flipping bullish reinforces the upside momentum, indicating a likely continuation of the rally as long as Ethereum maintains above the neckline.
In conclusion, Ethereum’s current momentum is supported by strong technical patterns and retail enthusiasm. However, caution is advised due to substantial resistance levels, cautious whale behavior, elevated exchange reserves, and aggressive long positioning. If ETH successfully breaks through the $1,860 resistance zone, it may trigger a fresh leg up. Otherwise, failure to do so could result in volatility spikes and a sharp retracement. In recent years, there has been a significant shift in the way people approach their health and wellness. More and more individuals are turning to holistic and natural remedies to treat their ailments, rather than relying solely on traditional medicine. This trend towards holistic health is not just a passing fad – it represents a fundamental shift in the way we think about our bodies and how we care for them.
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