Ethereum (ETH) faces a critical price juncture, trading near $2,280 after a weekly decline of 4%. Analysts warn that failure to break above $2,400 could lead to further underperformance, pointing to rising exchange reserves and reduced whale holdings as bearish signals. However, some note a bullish technical pattern and significant institutional accumulation as potential counterpoints.
Ethereum has declined over the past week, with analysts suggesting caution until it breaks out of its recent range. The asset was trading around $2,280, according to CoinGecko data.
Analyst Ali Martinez stated the area between $2,200 and $2,400 is a “no-trade zone.” He argued only a sustained close outside this range will define the next major price move.
Analyst Ted claimed spot demand is weak and expects ETH to underperform if it stays below $2,400. CRYPTOWZRD forecasted that moving above this resistance could trigger an upside move, while trading below might lead to more random movement.
The amount of ETH on centralized exchanges has risen to nearly 15 million coins since May 5. This increase suggests heightened potential selling pressure from investors.
Whale holdings have decreased from nearly 16 million ETH to less than 13 million units. This sell-off indicates reduced confidence from large market participants.
Conversely, a bullish golden cross pattern was identified on the asset’s chart in late April. This technical setup is widely viewed as a positive signal.
Meanwhile, Tom Lee’s Bitmine Immersion Technologies continues to accumulate the cryptocurrency. The firm now holds 5.21 million ETH, representing about 4.3% of the circulating supply and worth almost $12 billion.
