1) The AVWAP anchored to the 2022 ATL acted as a key zone during this bearish period. Initially, from March to May, it served as clear resistance and as a reference point from which sellers began to take control of the market.

2) Later, after reaching extreme oversold conditions and trading around the AVWAP anchored to the Binance listing (the same level reached during the tariff war low and the 2022 bear market), price recovered again.

3) This time, price closed above the AVWAP anchored to the 2022 ATL and used it as support, reflecting that buyers had regained control of the market from that point.

• On-Chain Data - BlackRock ETHA:

Just over two years after its launch, BlackRock’s ETHA currently holds approximately 3.5M ETH. While the fund experienced a decline in holdings through mid-2026, it has recently recovered, showing renewed demand through this institutional vehicle.

From its ATH of roughly 4M ETH in October 2025 to its June 2026 low, holdings declined by approximately 32%, while Ethereum’s market price fell by more than 60% during that time. Since then, holdings have recovered by nearly 30%, although they have not yet returned to the previous ATH. ETHA currently holds around 3% of Ethereum’s circulating supply.

The data show that, in a relatively short period and despite major market drawdowns, ETHA has come to hold a substantial share of Ethereum’s supply, reflecting a strong base of holders.

Written by Facundo Fama