Ethereum $ETH is facing a critical moment. After multiple failed attempts to break above $2,700, the asset is hovering near $2,648, putting billions in investor capital at risk.
📉 Why It Matters
On-chain data from Glassnode reveals that around 38% of ETH’s market cap — roughly $123B — sits just 0–20% above holders' cost basis. A slight drop could push a significant portion of this supply into unrealized losses, potentially triggering a wave of panic selling.
📊 Bearish Signals Emerging
ETH transfers to centralized exchanges have spiked — typically a signal that investors may be preparing to sell. While Ethereum’s long-term fundamentals remain strong, the current sentiment is cautious.
🐋 Whales Buy the Dip
Interestingly, large ETH holders (10K–100K ETH) have added over 1 million ETH (~$2.7B) in recent days. This suggests confidence among whales, even as retail investors grow nervous.
📌 Key Levels
Support to watch: $2,496
Major resistance: $2,700
A supply wall between $2,635–$2,712 holds over 1.67M ETH, which must be cleared for upward momentum.
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✅ TL;DR
$123B in ETH is near breakeven — vulnerable to losses if price dips.
Investor behavior is turning cautious.
Whales are accumulating, showing long-term conviction.
Key zone: Hold $2,496, break $2,700 for bullish recovery.
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