Ethereum Price Warning: $1,500 Risk Appears As a Bullish Metric Drops 90%

Ethereum has seen a slight rebound after a 37% drop to near $2,160, maintaining a bullish falling wedge pattern structurally. However, on-chain data suggests this bounce lacks conviction. The 30-day Hodler Net Position Change, a measure of long-term holder accumulation, has plummeted by nearly 90%, indicating that conviction holders are not buying into weakness, which typically precedes a true bottom. Furthermore, Net Unrealized Profit/Loss (NUPL) has not reached historical capitulation levels, suggesting more room for downside. Exchange transfer data shows that rallies are being used as selling opportunities, with transfers spiking during the bounce, confirming that speculative capital is distributing holdings. Key support levels are $2,250 and the recent low of $2,160; a break below this could expose Ethereum to a drop toward the $1,540 region, while reclaiming $2,690 is necessary to invalidate the bearish outlook.

(Source：BeInCrypto)