TLDR

  • ETH maintains position above $1,960 with key resistance zone at $2,080–$2,120
  • Breaking through $2,150 may initiate short squeeze pushing price toward $2,800
  • Short liquidations exceeded $250 million during the previous 24-hour period
  • Exchange reserves for Ethereum have declined to 16 million ETH, marking multi-year lows
  • Token holders continue transferring ETH into staking, cold storage, and DeFi platforms

Ethereum (ETH) maintains trading activity above $1,960 following consolidation near the $1,920 support zone during earlier trading hours.

Ethereum (ETH) Price
Ethereum (ETH) Price

The asset pushed beyond $2,000 and reached $2,089 at its session peak before experiencing modest retracement. ETH currently holds ground above the 100-hourly Simple Moving Average.

Trading activity has increased 15% during the past 24 hours, reaching $26 billion—representing approximately 11% of ETH’s circulating market capitalization.

Such trading volume indicates substantial buying interest within the present price range.

Bearish Positions Face Mounting Pressure

Liquidations of short positions have surpassed $50 million across the previous three days, as buyers maintain defense of the $2,000 threshold.

ethereum daily liquidations
Source: Coinglass

Within a single 24-hour period, approximately $250 million in short positions were eliminated throughout cryptocurrency markets.

Market participants are closely monitoring $2,150 as the critical level. A decisive move above this threshold would propel ETH into a significant supply zone that has capped price action for approximately one month.

Should buyers overcome this resistance barrier, on-chain analysts indicate a potential short squeeze could drive ETH toward $2,800—representing a 40% advance from present levels.

The RSI has climbed above its 14-day moving average, generating an early buy signal on daily timeframes.

Regarding downside risk, a decline below $1,960 would bring the next support levels at $1,930 and $1,880 into focus. The primary support floor appears around $1,840.

Exchange Balances Reach Historic Lows

Additional on-chain metrics reveal Ethereum exchange reserves have decreased to approximately 16 million ETH.

This figure represents a decline from over 23 million ETH held on exchanges during early 2023—a reduction of roughly 7 million ETH across approximately three years.

This drawdown occurs during a period of price consolidation, which represents atypical market behavior. Typically, weakening prices encourage holders to deposit coins onto exchanges in preparation for selling.

Conversely, current data demonstrates ETH migration into staking contracts, cold storage solutions, and DeFi protocols.

Reduced exchange balances indicate diminished ETH availability for immediate sale on public markets.

On hourly charts, two buy signals have emerged following ETH’s rebound from the $1,900 level.

The initial signal has already delivered a 2.35x risk-reward ratio. The second signal remains in development with a 0.6x return at present.

Both signals identify $2,150 as the near-term price objective.

ETH continues trading above $1,960 while exchange reserves remain at their lowest level across multiple years.