Ethereum (ETH) is rebounding in its main accumulation zone and is now testing the resistance line around $2,500. The reduction in exchange-held holdings and the strengthening of spot buying pressure suggest ongoing demand, but it is still a phase where a decisive upward breakout has not yet been confirmed.
Key point
The ETH price has retraced back to the vicinity of the $2,466 swing high recorded in April, but it has not yet clearly broken above the upper boundary of the broader $2,400–$2,500 supply zone.
Exchange Ethereum holdings have been continuing to decline, and spot taker (market order) buying pressure has recently strengthened noticeably over the past 10 days.
While it can be interpreted as a trend reversal signal if it stabilizes above $2,500, the medium-to-long-term trend is still unclear if it is pushed down below $2,000 after meeting resistance here.
Ethereum attempts to retest the $2,500 resistance
Ethereum has tried to reverse upward from a key accumulation zone. The fact that exchange holdings have continued to decline during this process supports the interpretation that the current rise is an extension of accumulation. However, the breakout above the key resistance zone has not succeeded yet.
The Coinbase premium index is still hovering around zero and has not succeeded in flipping positive. This suggests that even though ETH has risen back into the $2,200–$2,400 range, demand from U.S. investors—who mainly use Coinbase—remains weaker than on Binance.
Lastly, the most meaningful positive Coinbase premium was observed in October 2025, and strong positive periods also accompanied the rally in June–July 2025, indicating strong North American demand. The current premium signal is far weaker than it was then.
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Check Ethereum demand signals
According to on-chain analytics firm Alphractal, Ethereum’s Investor Price—meaning the “average entry price” of ETH held by economically active investors—is around the $1,700 level. This price range was tested to the downside once in June.
At the time, Ethereum was pushed down to near investors’ price levels but managed to rebound. This matches a pattern seen in the past, where the metric was tested or fell below before a large accumulation zone formed. Since then, buying pressure has strengthened even further.
The spot taker cumulative volume delta (CVD) from on-chain data provider **CryptoQuant** is an indicator that aggregates the difference between market buy and sell volumes over a 90-day period. The recent report says this metric has been trending upward, noting that taker buys have been especially prominent over the past 10 days, and that institutional demand has also remained solid.
The market has risen again to around the $2,466 swing high formed in April. However, a “decisive” breakout above this supply zone has not yet happened. Technical resistance remains in effect.
In early 2026, Ethereum set its April swing high at $2,466, then tested the investor price of around $1,700 again in June. After rebounding from the June lows, the trend returned to the same resistance area, and some assessment suggests that the current price level is closer to a phase of re-validating past resistance than attempting a new breakout.
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