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Following
ETH Ethereum breaks through US$1900: Technical breakthroughs, whale withdrawals and a large number of short liquidations boosted the rebound
Key points
After Ethereum broke through US$1,894.89, it further reached US$1,923.82.
Three new wallets withdrew 30,000 ETH from Coinbase Prime.
Bulls must hold on to the US$1900 support level to maintain the rebound momentum.
Ethereum Breakthrough Market
According to the ETH/USD chart, Ethereum broke through the resistance area of US$1,894.89 after several days of consolidation. The price then rose to $1,923.82, bringing the $1940 to $1950 range into view.
Lower-than-expected U.S. inflation data also boosted demand for risky assets, adding support to the rally that had started before the data was released.
Volume surged, setting the largest green column on the chart. Trading then slowed near the next resistance level, but the pause did not trigger a sharp reversal. The Relative Strength Index (RSI) remains above 70, indicating that momentum has not yet turned to sellers.
Ethereum Whale Demand
Clearing data showed that more than $112.5 million of positions were closed within 24 hours, of which approximately $92.2 million was short and approximately $20.4 million was long. Shorts accounted for most of the losses. The imbalance helped extend the rally as bearish traders had to close their positions while Ethereum remained near $1920.
Another wave of concentrated leveraged short positions is around $1950, a level that could become a target if buyers continue to press and trigger another round of forced liquidations.
Spot activity also provided additional support. Three newly created wallets withdrew a total of 30,000 ETH, worth approximately US$57.66 million, from Coinbase Prime through three transfers of 10,000 ETH each.
Transferring tokens to a private wallet reduces the amount immediately available for sale, but withdrawal does not prove that the holder will hold for a long time or continue to buy.
Before the breakthrough, Ethereum consolidated below US$1,894.89 for several days. If we can continue to hold this previous resistance level, it will reflect structural changes more than the initial single rise.
