Overview
- ETH climbed to roughly $3,380–$3,396 and is consolidating above $3,200 after outpacing Bitcoin, with $3,380–$3,420 flagged as the next key resistance.
- CoinGlass data show more than $120 million in ETH short positions were liquidated, while positive funding and rebounding open interest point to squeeze-driven upside.
- Prediction markets on Polymarket and Kalshi place the probability of a Federal Reserve rate cut near 95%, bolstering demand for risk assets.
- On-chain trackers indicate exchange balances have fallen to record lows, and reported accumulation includes BitMine’s roughly $429 million purchase that lifted its holdings above $11 billion.
- Analysts highlight a heavy supply zone at $3,370–$3,660 and subdued volume, warning of a possible bull trap or a pullback toward $3,000 if buying momentum weakens.