Overview
- A two‑hour, roughly 10% rally driven by large wallets pushed ETH to about $2,667 on Friday before sellers drove the price back below $2,500.
- The spike liquidated over $200 million in short positions and coincided with a near 14% rise in transactions above $1 million, signaling concentrated whale buying.
- Higher rate expectations after the ECB rate rise and hotter U.S. inflation prints have shifted investor sentiment and put downward pressure on risk assets including Ethereum.
- On‑chain data show falling exchange reserves, notably Binance at about 3.74 million ETH, and record staking that together reduce immediately tradable supply and raise price sensitivity to big flows.
- Short‑term structure is rangebound with key levels to watch: a daily close above roughly $2,530 to validate an upside breakout or a drop below about $2,400 to signal a bearish shift, while clustered leverage near $2,390–$2,540 could amplify moves.