Key Highlights
- Ethereum rebounded above $1,600 and is trading around $1,800 after a sharp rise in volume and buying activity.
- About 500,000 ETH worth $800M was withdrawn from exchanges, suggesting strong whale accumulation and lower selling pressure.
- ETH faces key resistance ahead, including a possible sell wall near $2,500 and short-term overbought signals that could trigger pullbacks.
After weeks of downtrend pressure, Ethereum (ETH) is starting to regain attention in the crypto market as the cryptocurrency moves above its key trading range.
At the time of writing, ETH was trading around $1,814, up 7.32% within the last 24 hours. Trading volume increased 162% to about $15 billion, while its market value was up by 8% to about $218 billion.
The rally appears to be driven by several factors. Buyers stepped in after Ethereum successfully held above the $1,600 support zone.
From there, ETH pushed past $1,620 and $1,640, signaling that demand was returning. The move continued until ETH touched above $1,800, and now it is trying to stay stable above this area.
Whale activity adds more buying pressure
Whale activity seems to be playing a role in this movement. According to recent on-chain data shared on X by analyst Ali Martinez, around 500,000 ETH, worth about $800 million, was withdrawn from exchanges in just one week.
This is important because when coins leave exchanges, it usually means they are being stored in private wallets instead of being prepared for selling. In simple terms, it reduces selling pressure in the market. This kind of movement often happens when large investors believe the price may surge in the future and want to hold instead of sell.
To add to the sentiment, Ali Charts in another post pointed to a possible ascending triangle formation on Ethereum’s chart. The analyst suggested that if the pattern confirms, it could lead to a move toward $1,850.
At the same time, the weekly structure highlights key long-term levels, including resistance near $4,868, mid-range zones around $3,335 and $2,282, and major support near $1,069. Ethereum is currently trading below the $2,282 level after a recent breakdown, placing focus on whether lower support zones may be tested again in the future.
Analyst sees heavy sell wall near $2,500
On the other side of the market structure, analyst CW highlighted a large sell wall forming near the $2,500 level. This indicates that if Ethereum pushes higher, it may face strong resistance from large holders preparing to sell.
CW’s whale order flow data shows significant liquidity concentrated at that level, meaning the rally could slow if buying pressure is not strong enough to absorb it. However, current trading strength has been supported by the absence of heavy selling pressure at lower levels, allowing price stability in recent sessions.
Price action signals short-term retracement
Meanwhile, looking at the current price chart, Ethereum is showing a short-term recovery pattern. After bouncing from $1,603, the price had been continually forming higher highs and lows.
Right now, the asset is holding strong above $1,800. However, the Relative Strength Index is now at 84, which suggests that it has entered an overbought level, which could lead to a short retracement to the downside as buyers offload some of the buying pressure.
If this happens, they may try again to push toward $2,000, which happens to be a key target area. However, if ETH drops below $1,665, the market could weaken and fall back toward the $1,650 or even the $1,600 support level.
For now, Ethereum is in a tug-of-war zone, where buyers are pushing the price up while sellers are preparing to sell above.
Also Read: XRP Jumps 10% Ahead of June FOMC Meeting As OI Rises to $2.7B
