Ethereum Coinbase Premium Flips Bullish: Discover What Happens When US Whales Are Long
Ethereum is pushing back toward $2,400 as the market finds its footing after weeks of uncertainty, with buyers gradually reasserting control and the price beginning to build momentum from the consolidation range. The move higher is drawing attention — and a CryptoQuant analyst has identified a signal in the demand data that suggests the current strength may have more institutional backing than the price chart alone reveals. The key technical development is the interaction with the 50-day moving average, which price has now reclaimed and is attempting to hold as support. This marks a shift from the earlier phase of the downtrend, where the same level consistently acted as resistance. However, the broader context remains unresolved. The 100-day and 200-day moving averages are still trending downward above the current price, creating a layered resistance zone between $2,400 and $2,800.Related Reading
Price action reflects this tension. Each push higher is being met with supply, particularly as ETH approaches the $2,400 region, suggesting that market participants who were trapped during the earlier breakdown are using this recovery to exit positions.
Volume dynamics reinforce the interpretation. The February spike signals forced liquidations, while the current advance is unfolding on declining participation, indicating a lack of aggressive follow-through.
Featured image from ChatGPT, chart from TradingView.com
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