The post Ethereum nears $2,800 – Will whales flip ETH’s rally into a selloff? appeared on BitcoinEthereumNews.com.
ETH faces resistance at $2.8K, where a large cost-basis cluster signals strong sell-side pressure. Whale netflows to exchanges surged 193.84% in seven days, hinting at looming profit-taking. Ethereum [ETH] is now approaching a heavy resistance zone near $2,800, where a large cluster of investor cost basis levels is concentrated. According to Glassnode, this area may invite significant sell-side pressure as underwater holders seek to de-risk at breakeven. At press time, ETH traded at $2,549.98, down 4.59% in 24 hours. Of course, the price surge over the last two weeks was impressive. But now, ETH finds itself nose-to-nose with serious supply pressure—and the rally is showing cracks. Source: X/Glassnode The rally may be losing fuel While the Exchange Reserve dropped 3.66% to $48.18B—typically a bullish sign of reduced sell pressure—Open Interest fell 4.32% to 16.61B. This divergence suggests mixed sentiment. Traders might be locking in profits or reducing exposure ahead of the $2,800 resistance. Additionally, derivatives traders are showing less conviction as price volatility increases. Therefore, while reduced reserves hint at lower Exchange Inflow, fading OI reflects growing caution. The drop in participation could act as a temporary barrier to a clean breakout beyond current levels. Source: CryptoQuant Ethereum: Strategic exit or market bluff? IntoTheBlock’s data revealed a sharp 193.84% drop in the Large Holder-to-Exchange Netflow Ratio over the past week. That means whales are sending ETH back to exchanges, possibly prepping to sell. Historically, this behavior has preceded distribution, especially when prices approach major resistance levels. The 30-day Netflow remains up over 450%, which confirms that large holders had accumulated heavily beforehand. However, the recent shift implies a growing readiness to take profit. Source: IntoTheBlock Retail bulls dominate the board, but are they overexposed? On Binance, ETH Perpetual Long positions account for 84.28% of open accounts, compared to just 15.72%…