#ETHMarketWatch Ethereum nears $2,800 – Will whales flip ETH’s rally into a selloff?
Ethereum [ETH] is now approaching a heavy resistance zone near $2,800, where a large cluster of investor cost basis levels is concentrated.
According to Glassnode, this area may invite significant sell-side pressure as underwater holders seek to de-risk at breakeven.
At press time, ETH traded at $2,549.98, down 4.59% in 24 hours.
Of course, the price surge over the last two weeks was impressive. But now, ETH finds itself nose-to-nose with serious supply pressure—and the rally is showing cracks
The rally may be losing fuel
While the Exchange Reserve dropped 3.66% to $48.18B—typically a bullish sign of reduced sell pressure—Open Interest fell 4.32% to 16.61B. This divergence suggests mixed sentiment.
Traders might be locking in profits or reducing exposure ahead of the $2,800 resistance. Additionally, derivatives traders are showing less conviction as price volatility increases.
Therefore, while reduced reserves hint at lower Exchange Inflow, fading OI reflects growing caution. The drop in participation could act as a temporary barrier to a clean breakout beyond current levels.#MarketPullback $ETH