Retail Is Cashing Out On Ethereum, But The Selloff Is Being Absorbed. Discover Who Is Buying
Ethereum has been grinding below $2,400 for weeks, testing the patience of holders who have watched the recovery build slowly, but without the decisive breakout, the price structure seemed to be setting up. That breakout may have just arrived. Ethereum pushed through to $2,423 in the latest session, driven by a daily trading volume of 337,000 ETH — well above its 20-day average of 298,000 ETH — with the RSI sitting at 60.18, a level that reflects genuine upward traction without the overheated conditions that typically precede sharp reversals. The $2,350–$2,400 region aligns closely with the declining 100-day moving average, which continues to act as dynamic resistance. Multiple recent attempts to break above this area have stalled, suggesting that overhead supply remains active. The broader trend context reinforces this friction: the 200-day moving average is still sloping downward above price, signaling that the higher timeframe structure has not yet fully transitioned into an uptrend.Related Reading
Volume patterns provide additional nuance. The recovery phase has not been accompanied by consistent expansion in buying volume, which raises questions about the strength behind the move. Without a clear influx of demand, breakouts in this environment tend to struggle to sustain momentum.
If ETH can secure a daily close above $2,400 and hold it, the next resistance sits near $2,700–$2,800. Failure to break higher keeps price vulnerable to a pullback toward the $2,100–$2,200 support zone.
Featured image from ChatGPT, chart from TradingView.com
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