- ETH faces resistance at $2.8K, where a large cost-basis cluster signals strong sell-side pressure.
- Whale netflows to exchanges surged 193.84% in seven days, hinting at looming profit-taking.
Ethereum [ETH] is now approaching a heavy resistance zone near $2,800, where a large cluster of investor cost basis levels is concentrated.
According to Glassnode, this area may invite significant sell-side pressure as underwater holders seek to de-risk at breakeven.
At press time, ETH traded at $2,549.98, down 4.59% in 24 hours.
Of course, the price surge over the last two weeks was impressive. But now, ETH finds itself nose-to-nose with serious supply pressure—and the rally is showing cracks.
Source: X/Glassnode
The rally may be losing fuel
While the Exchange Reserve dropped 3.66% to $48.18B—typically a bullish sign of reduced sell pressure—Open Interest fell 4.32% to 16.61B. This divergence suggests mixed sentiment.
Traders might be locking in profits or reducing exposure ahead of the $2,800 resistance. Additionally, derivatives traders are showing less conviction as price volatility increases.
Therefore, while reduced reserves hint at lower Exchange Inflow, fading OI reflects growing caution. The drop in participation could act as a temporary barrier to a clean breakout beyond current levels.
Source: CryptoQuant
Ethereum: Strategic exit or market bluff?
IntoTheBlock’s data revealed a sharp 193.84% drop in the Large Holder-to-Exchange Netflow Ratio over the past week. That means whales are sending ETH back to exchanges, possibly prepping to sell.
Historically, this behavior has preceded distribution, especially when prices approach major resistance levels.
The 30-day Netflow remains up over 450%, which confirms that large holders had accumulated heavily beforehand. However, the recent shift implies a growing readiness to take profit.
Source: IntoTheBlock
Retail bulls dominate the board, but are they overexposed?
On Binance, ETH Perpetual Long positions account for 84.28% of open accounts, compared to just 15.72% shorts. The current Long/Short Ratio of 5.36 shows overwhelming bullish skew.
However, this overly one-sided positioning often signals vulnerability to a correction. If price fails to rally past resistance, over-leveraged longs may be forced to exit, amplifying downward pressure.
Thus, while sentiment appears favorable, the skew could backfire unless strong buying volume accompanies the next move.
Source: CoinGlass
Momentum fades as ETH stalls
After rejection near $2,747, ETH retraced back to $2,549.98. While still above the 9-day and 21-day EMAs, the Relative Strength Index (RSI) has slipped from 71.61 to 63.86.
This shift reflects weakening bullish momentum.
Moreover, price action suggested hesitation as it consolidates below resistance. If bulls fail to regain control and push above $2,800 with volume, a retracement could follow.
However, support at $2,540 and $2,386 remains intact, offering a cushion in case of reversal.
Source: TradingView
Ethereum’s approach toward the $2,800 cost basis cluster marks a pivotal moment. Whale behavior and softening Open Interest show caution, even as retail traders remain heavily long.
If ETH can’t break cleanly above resistance, profit-taking could intensify. The next move—up or down—will likely be swift.
