Overview
- Ethereum traded near $2,280 as it slipped below a key daily support band, with $2,150 highlighted as the next level to watch.
- The share of ETH held on exchanges has dropped to low levels without a matching price bottom, creating a notable on-chain divergence.
- Analysts say similar gaps in past cycles most often closed with price falling to align with the exchange supply signal.
- Binance futures funding averaged about -0.0018 over the past month, indicating traders are paying to keep short positions open.
- Short positions have begun to be liquidated, which can force buybacks and fuel a brief squeeze even as broader signals lean cautious.