Overview
- ETH fell from roughly $2,390 to near $2,100 and remains below key moving averages, leaving $2,100–$2,150 as crucial support and $2,200–$2,400 as resistance to reclaim.
- On-chain gauges show MVRV in the 0.8–1.0 range and a recent dip below realized price, levels linked to past cycle lows without assuring near-term upside.
- CryptoQuant data indicate Binance’s ETH Estimated Leverage Ratio above 75% and the exchange holding about 3% of supply, concentrating derivatives-driven risk.
- Top-wallet inflows to Binance have declined to around 135,573 ETH, suggesting reduced deposit-based selling as analysts warn of a possible liquidity trap with whales trimming longs and retail adding leverage.
- Traders note a CME gap filled near $2,117 and report roughly $192 million of net outflows from U.S. spot ETH ETFs this week, highlighting fragile demand conditions.