Overview
- Ethereum’s weekly TD Sequential flashed a sell signal, and one analyst flagged an initial downside target near $1,900 if a corrective phase takes hold.
- Price is struggling under the $2,320–$2,323 ceiling, with traders watching $2,250 for support and warning that a failure there could reopen $2,150.
- Leverage risk is concentrated on OKX, where estimated derivatives exposure is about 5.6 times its ETH reserves compared with under 1x on Binance, a setup that can speed forced liquidations if price drops.
- Flow data point to distribution rather than accumulation, with Binance’s ETH reserves jumping from 3.36 million to 3.84 million in early May and network realized profits reaching $74.58 million as sellers lock in gains.
- Big money is still buying—Jane Street added about $82 million to an ETH ETF in Q1—but large whale sell walls near $2,320 on Coinbase and around $2,400 on Binance are capping rebound attempts.