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Following
ETH Ethereum (ETH) is testing resistance around $2500 after rebounding from the buying range, while falling exchange reserves and strengthening spot buying suggest continued demand.
Key Points
ETH has returned to April's swing high of $2466, but prices have not yet been confirmed to break through the broader supply area of $2400 to $2500.
Exchange reserves continue to decline, and active spot buying has strengthened in the past 10 days.
A breakthrough of US$2500 will signal a change in trend, while a blocked pullback and falling below US$2000 means that the long-term trend is not yet clear.
Ethereum Resistance Test
Ethereum is rising from a major fundraising area while exchange reserves continue to decline, a pattern that suggests fundraising is still ongoing. However, this trend has not yet broken through resistance.
The Coinbase Premium Index is still close to zero and has not turned positive, indicating that although Ethereum is again trading in the US$2200 to US$2400 range, demand in the U.S. market is still weaker than Binance. The last time Coinbase's premium continued to be positive occurred in October, and Ethereum's rise from June to July 2025 was also accompanied by strong positive values. The current signal is still weak.
ETH Demand Signals
Alphractal said that the investor price of Ethereum-the average purchase cost of holding ETH by economically active investors-is about $1700. The level was tested in June. Ethereum subsequently rebounded from investor prices, consistent with previous situations where the indicator was tested or fell below to form a major fundraising area. Buying pressure has increased.
CryptoQuant's cumulative active spot volume margin (which tracks the difference between 90-day market bid and sell volume) increased as active buying intensified. The report pointed out that buying pressure has been particularly strong in the past 10 days, and institutional demand has also remained firm.
The market has returned to the swing high of $2466 set in April, but has not yet clearly broken through the supply area. Resistance levels remain in effect. At the beginning of 2026, Ethereum hit a swing high of $2466 in April, and then tested investor prices of about $1700 in June. After rebounding from the June regional, ETH has once again returned to the same resistance level, making the current test a repeat challenge rather than a confirmation breakthrough.
