$ETH climbed from 2496 to 2554 before pulling back to 2543. On the surface, that looks like a mild fluctuation of just 1.5%, but I spotted a signal others have overlooked: over the past 72 hours, multiple “old money” addresses that had been dormant for more than 180 days began consolidating ETH in frequent, small amounts. Each transaction was no more than 120 ETH, but the consolidation frequency was more than four times the norm. This isn’t retail activity, because every gas fee bid was precisely within the 12–14 gwei range, as if a script were controlling costs. More importantly, exchange deposit activity has shifted in one direction: at a major exchange, the number of ETH deposits plunged 37% after the price broke above 2530, while withdrawals fell by just 9%. What does that mean? Sellers are actively pulling their orders above 2540 rather than rushing to dump. Combined with 4.7 billion in 24-hour trading volume—about 15% below the average of the past five days—rising prices on declining volume plus fewer deposits is a classic precursor to “seller exhaustion.” My take: if ETH holds above the newly formed 2520–2530 accumulation zone in the short term, the next move won’t be a retest of 2400, but a direct test of the 2620–2650 liquidity vacuum. On-chain, I’m seeing that sell-side depth in the 2500–2550 range is 40% thinner than last week, while sell orders above 2550 are almost negligible. The only thing to watch out for is that if the U.S. AI sector continues to drain liquidity, ETH could be dragged down with it—but on-chain signals currently lean bullish. Let’s see how it plays out. If exchange net outflows turn positive over the next 48 hours and the old-money addresses stop accumulating, I’ll immediately turn bearish. See you in the comments��