$ETH recently surged sharply — it’s been one of the best-performing major cryptocurrencies — and is now trading around $3,130–$3,160.
On-chain data shows supply on exchanges has dropped to multi-year lows (~8.7–8.8% of total supply), suggesting many holders are choosing to hold rather than sell.
Institutional interest appears to be increasing: large holders (whales) recently opened hundreds of millions in long positions on ETH, indicating confidence in a potential upward move Bitcoin is currently trading around $92,500–$92,600.
The market is in a phase of short-term consolidation: recent volatility has seen BTC swing between roughly $88,000 to above $94,000.
Analysts note the looming decision by the Federal Reserve (“the Fed”) — which could influence interest rate policy — as a key macro driver: rate moves may push BTC either toward a rebound or deeper correction.
According to recent technical analysis, if Bitcoin stabilizes above ≈ $94,000, there is potential momentum toward $100,000+. On a bullish continuation, medium-term targets cited include $115,000–$125,000.
On the downside, if bearish pressure persists and BTC breaks below support, $94,000 and ~$90,000 emerge as critical support zones.
The technical setup suggests a “wait-and-see” phase: market participants are likely watching for a decisive breakout (up or down) before entering fresh larger positions.
Recent breakout above the psychological $3,000 mark opens the door to bullish outcomes — many analyses now see$ $3,400–$3,550 as likely short-term targets, with a possible extension to $4,200–$4,800+ if momentum sustains.
Key support/resistance zones: Immediate resistance lies around $3,240–$3,400. If ETH clears that, it could test higher levels. On the downside, a slip below ≈ $2,800–$3,000 could open the door to deeper correction.
The backdrop of low exchange supply + strong whale/institutional activity makes a supply squeeze plausible — that could fuel a rally if demand increases.
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