- Ethereum reclaims $2,300 but faces strong resistance near $2,380
- Whale distribution and slowing derivatives activity signal weaker momentum
- ETF inflows offer support, but a breakout still needs stronger demand
Ethereum managed to climb back above the $2,300 level on Thursday, almost like it never really wanted to stay below it for long. There was a brief dip earlier in the US session, sure, but buyers stepped in fairly quickly. Still, the move upward isn’t exactly smooth. There’s this persistent pressure sitting just above, around $2,380, and it keeps showing up every time ETH gets close.
What makes that level more interesting is what’s behind it. It lines up closely with the average cost basis of a few major investor groups. So it’s not just a random resistance—it’s where a lot of holders are basically breaking even. And when that happens… people tend to sell.
Whales Start Offloading as Price Recovers
Looking closer, wallets holding between 10,000 and 100,000 ETH—basically whales—have already started trimming positions. Since ETH pushed above their cost basis earlier in the week, they’ve offloaded around 60,000 ETH. Not massive in isolation, but it tells a story.
Zoom out a bit more, and it gets heavier. Mid-sized holders, those in the 1,000 to 10,000 ETH range, along with smaller cohorts, have collectively distributed around 350,000 ETH over the past week. That’s not panic selling, but it’s definitely not accumulation either. It feels more like… cautious profit-taking.
Derivatives Market Shows Slowing Momentum
Then you look at derivatives, and things feel a bit quieter there too. Open interest has basically stalled, sitting around 14.2 million ETH without much expansion since the recent price jump. Usually, if momentum is strong, you’d expect that number to keep climbing. It hasn’t.
The taker buy-sell ratio is also slipping, which suggests fewer aggressive buyers stepping in. In simple terms, traders aren’t rushing to open new long positions right now. That doesn’t mean the trend is dead—but it does mean it’s losing a bit of energy.
Institutional Demand Returns, But Slowly
There is one more positive angle, though, and it’s coming from spot ETFs. US-based Ethereum ETFs have seen five straight days of inflows, pulling in around $67.8 million recently. It’s not explosive, but it’s steady… and that matters.
Still, when you put everything together—whale selling, slowing derivatives activity, and moderate ETF demand—it paints a slightly uneven picture. ETH is holding up, but the foundation under this move doesn’t feel particularly strong yet.
Key Levels Will Decide What Comes Next
From a technical standpoint, Ethereum is still in a relatively solid position. It’s trading above key short-term moving averages, and momentum indicators like RSI are leaning bullish. But there’s a catch—price is approaching overbought territory, and resistance is stacking up just ahead.
The $2,376 to $2,388 zone looks like the immediate hurdle. If ETH can break and hold above that, it could open the door to a much larger move—potentially toward $2,700 or even higher. But if it fails again, a pullback toward $2,200 becomes more likely.
For now, it’s a bit of a balancing act. Buyers are present, sellers are active, and the market is… undecided, maybe. The next move will probably make things clearer.
