Ethereum recently faced strong resistance near the $2,740 mark, triggering a downside correction that mirrored Bitcoin’s decline. After failing to hold above the $2,700 and $2,650 levels, ETH fell below the 50% Fibonacci retracement level of its $2,415 to $2,735 move, briefly dipping under $2,520. However, bulls stepped in near the $2,500 zone, coinciding with the 76.4% Fib retracement level — a crucial area to watch for any short-term Ethereum price prediction.
Currently, ETH is trading above $2,520 and holding its ground above the 100-hourly SMA. Resistance is building near $2,575, where a declining channel or bullish flag appears to be forming. A break above this level could send ETH to $2,600, then $2,650 — a key pivot. Clearing $2,735 might open the door to a run toward $2,800 or even $2,920.
Despite last week's 30% rally, Ethereum faced heavy selling pressure. According to Santiment, ETH's Age Consumed metric spiked to its highest level since October, indicating a large-scale distribution by long-term holders. This trend is echoed in the declining Mean Coin Age, signaling active profit realization.
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Investors booked over $1.5 billion in profits this week, with $900 million locked in over the last 24 hours — the highest since June 2024. Yet, not all participants came out ahead, as $300 million in losses were also realized.
Bearish sentiment is creeping back in, as seen in the uptick in Net Taker Volume on CryptoQuant, suggesting short positions are building. Still, 640,000 ETH has flowed into accumulation addresses over the past two days. Combined with continued whale activity and staking inflows, these signs indicate bulls may yet hold the line — provided no further macro shocks unsettle the market.
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