ETH Bulls Target $2.8K But Data Highlights Many Hurdles

Ether (ETH) recently hit a monthly high of $2,209 before falling back below key resistance. On-chain data from Glassnode reveals a significant accumulation zone near $2,800, where over 3 million ETH were purchased, suggesting a potential rally target, especially since there is limited supply concentration between $2,200 and $2,800. Furthermore, the 200-day Simple Moving Average (SMA) intersects near $2,800. However, derivatives data indicates trader caution. While open interest in Ether futures rose 21% during the rally to $10.9 billion, it subsequently fell by about 6% after testing $2,200, suggesting long traders took profits or reduced risk. Spot market activity showed improving demand during the rebound from $2,000, but order-flow data indicated fading bullish sentiment as the price neared $2,150. Futures positioning remains relatively balanced, suggesting potential choppy price action as the market struggles to decisively break resistance.

(Source：Cointelegraph)