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Ethereum’s recent rally ran into significant resistance after the price touched $2,417, prompting a pullback below the $2,350 threshold. The rejection appears to have come from a closely watched resistance zone, with ETH now hovering just above $2,300.
ETH is holding above the 100-hour Simple Moving Average, while sellers continue to defend the $2,360 area. This is reinforced by a converging short-term trend line.
Resistance is concentrated between $2,360 and $2,420. A decisive break above $2,420 would open the path toward $2,450, then $2,500, with potential extension to $2,550.
On the downside, the first support level sits at $2,295, followed by $2,265 and $2,200 if selling pressure increases.
On the daily timeframe, Ethereum remains supported above the 20-day and 50-day EMAs, positioned at $2,214 and $2,190 respectively. The Relative Strength Index is around 61, indicating moderate bullish momentum, while the Stochastic Oscillator near 84 suggests the market may be approaching overbought conditions.
The 100-day EMA at $2,376 is acting as immediate overhead resistance, slightly below a horizontal barrier at $2,388. A daily close above this zone would bring $2,746 into focus, followed by $3,411 as the next major target.
Blockchain analytics indicate that addresses holding 10K–100K ETH began reducing their holdings after prices moved above their average acquisition cost. These wallets have collectively sold about 60K ETH since early this week.
In addition, two other wallet categories—100–1K ETH and 1K–10K ETH—have distributed nearly 350K ETH over the past week. This behavior is often associated with profit-taking or exit strategies as holders approach break-even levels.
Futures market data shows open interest has plateaued at approximately 14.2 million ETH following the initial price surge earlier this week. Meanwhile, the seven-day moving average of the Taker Buy-Sell Ratio has started to decline, suggesting reduced buying enthusiasm in derivatives.
Over the past 24 hours, total liquidations across Ethereum positions reached $111.6 million, including $70.8 million in liquidated long positions.
US-based spot Ethereum ETFs have recorded five consecutive days of positive net flows. Wednesday’s session alone brought in $67.8 million in new capital, according to SoSoValue tracking, indicating renewed institutional interest, though analysts characterize the inflow rate as modest.
On the 4-hour chart, ETH has rejected the $2,360 resistance band and is now testing support near $2,190. If $2,190 holds, it could set up another attempt at the $2,400 region.
At the time of reporting, ETH trades around $2,350, remaining above near-term moving averages, with $2,360 identified as the immediate hurdle to overcome.
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