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ETH Technical indicators show a reset in kinetic energy
Whale activity sends a caution signal. Ethereum (ETH) currently trades at approximately US$2,486, with a 24-hour trading volume of US$13.71 billion, and a market value of US$303.56 billion. According to analyst Crypto Patel, resistance is in the $2,520 - 2,530 range, and support is in the $2,360 - 2,370 range.
Trading volume rose 10.28% to US$38.44 billion, and the number of open contracts increased 2.43% to US$33.87 billion. Abraxas Capital purchased 13,000 ETH worth US$32.39 million to hedge its short position of 141,180 ETH held on the Hyperliquid platform.
If a breakthrough of US$2,530 is confirmed, it may open a path to US$3,000; while if it falls below US$2,370, there is a risk of falling to US$2,000.
Analysis of Price Trend and Key Technical Bit
As of writing, Ethereum is trading at US$2,486.72. Prices have remained basically stable over the past 24 hours. Trading volume was US$13.71 billion and the market value was US$303.56 billion.
The token is trapped within a narrow trading range. Buyers continue to defend support, while sellers suppress gains at the top of the range. Analyst Crypto Patel shared a chart on Platform X that showed ETH entering a consolidation phase after experiencing a sharp rise. The post noted that $2,520 - 2,530 is a strong resistance level, while the support area below is at $2,360 - 2,370.
Patel pointed out that prices were repeatedly rejected as they approached the upper border. This pattern suggests continued selling pressure at these levels. A confirmation of a close above $2,530 on the 2-hour K-chart would constitute a bullish signal, and such a move could open a path to $3,000. If it falls below $2,370, the story is completely different. Patel's post pointed out that if support falls, the next downside target will be $2,000.
Technical indicators show momentum reset
TradingView data shows that ETH has entered the current range after rebounding from about US$1,900. Prices are currently above the 20-cycle exponential moving average (EMA) of $2,483.57 and the 50-cycle EMA of $2,467.76. This stacked EMA structure still points to an upward trend. The Relative Strength Index (RSI) has cooled to 54.72, below the level above 90 during the previous breakout period. The RSI is in the neutral zone around 55, indicating that the market has passed the overbought stage, but there has been no sharp reversal.
Ethereum price trend on CoinGecko
Cainglass data showed that trading volume rose 10.28% to US$38.44 billion. The number of open interest also increased, rising 2.43% to US$33.87 billion. Trading volume rose at the same time as the number of open contracts, indicating that more traders are entering the market to open positions. This combination usually occurs before periods of high volatility.
Whale activity sends caution
Lookonchain reported on platform X that Abraxas Capital purchased 13,000 ETH spot units worth US$32.39 million. The company still holds 141,180 short ETH positions on the Hyperliquid platform worth US$353.27 million.
This spot purchase appears to be an operation to hedge his short position. If ETH prices rise, spot positions offset the short portion of losses; if ETH falls, short positions gain, while spot purchases limit gains. This layout shows that the company also holds bilateral positions in transactions and has a firm stance.
Another set of technical data shows that ETH's MACD histogram is close to zero, with trading prices close to $2,509 on some exchanges. In this data set, support is around $2,462 and resistance is around $2,534. Retail traders hold 70.5% of net long positions, compared with 57.6% among large traders. ETH's next move depends on whether buyers can clear the $2,530 resistance level or whether sellers push prices back to near the $2,370 support level.
