Ethereum Price Today: $2,520
Ethereum’s current price stands at $2,520, but the cryptocurrency market is anything but stable. Recent trends indicate a notable shift in distribution among long and short-term holders. On Tuesday, this distribution pattern highlighted the increasing selling pressure as investors engaged in profit-taking and loss realization.
Rising Distribution Near the Key $2,500 Level
Ethereum has witnessed a surge in selling activity, particularly as the Mean Coin Age metric—an important indicator of how long coins stay in their current addresses—has declined. This downturn signals rising distribution among holders, suggesting that coins are changing hands more frequently. As reported, this surge coincided with increased trading volume, evident from ETH’s futures charts, where overheating conditions typically accompany substantial price movements.
CryptoQuant analyst ShayanMarkets noted, "This spike is primarily driven by profit-taking activity and the presence of resting supply at this psychologically significant price zone," reflecting the market’s tendency to pause and reassess around key levels like $2,500. Historically, this price range has been sensitive, and a potential correction could pave the way for renewed accumulation.
Significant Selling Activity Amid Stability
Despite this selling pressure, ETH’s price has remained relatively stable, owing largely to whale and institutional buying activity. For example, Nasdaq-listed BTCS recently purchased 3,450 ETH for $8.42 million, boosting its total holdings, while Abraxas Capital acquired 46,295 ETH, solidifying its substantial accumulation from early May.
Interestingly, Ethereum co-founder Jeffrey Wilcke briefly sparked fears of a downturn when he transferred his entire ETH balance of 105,737 to the crypto exchange Kraken. However, the subsequent transfer of nearly the same amount back into multiple new addresses suggested that he had no intent to sell, and the market’s fears were quickly assuaged.
Price Forecast: The Potential for a 40% Rally
Ethereum faces a critical moment. The digital asset has been struggling to break through resistance at $2,530, just above the key psychological threshold of $2,500. Recently, ETH has witnessed $71.83 million in futures liquidations over 24 hours, with $41.02 million in long positions and $30.81 million in shorts being liquidated.
If ETH can validate a rounded bottom pattern, it could set the stage for a rally exceeding 40%. Analysts suggest that successfully flipping the 50-, 100-, and 200-week Simple Moving Averages (SMAs) into support levels may enable the cryptocurrency to challenge significant resistance at $2,850.
This forecast builds upon the historical price trajectory, especially as the Relative Strength Index (RSI) shows flattened movement, indicating trader uncertainty. Yet, the Stochastic Oscillator’s %K line is testing its %D line, presenting a critical moment that could influence bullish momentum in the near future.
Key Support and Resistance Levels
The price action around Ethereum indicates significant trading activity near the $2,500 level, where investors previously amassed a historic supply zone of 70.78 million ETH. This level’s trading volatility will likely be dictated by individual costs and market conditions, especially if prices drift toward these accumulated levels.
Should ETH close a weekly candlestick below the $2,260 to $2,100 range, it could invalidate the current bullish thesis, potentially reversing the momentum and pushing the price downward. This highlights the importance of closely monitoring key support levels as the market navigates through these dynamic conditions.
Summary of the Current Landscape
While Ethereum’s price near $2,500 might appear stable at first glance, the underlying data reveals a complex web of selling and buying activity that shapes the current landscape. The sentiment oscillates between profit-taking strategies among smaller holders and substantial institutional interest, creating a tug-of-war that could lead to pivotal movements in the coming days. With bullish patterns forming and critical resistance levels at stake, traders find themselves at a crossroads—watching closely as the market unfolds.
