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Ethereum (ETH) 
$2,604, the largest altcoin, has participated in the rally ignited by Bitcoin 
$107,646‘s fresh record, but it struggles to sustain lasting buyer interest. Large wallet holders have rapidly shifted to take profits, tilting the buyer-seller balance in favor of sellers in both spot and futures markets. Having climbed to a two-month high of $2,731 just three days ago, ETH has been hit by whale exits and liquidations exceeding $40 million, landing in the $2,530 range. In the short term, $2,456, which corresponds to the 100-day EMA, has become a critical threshold, with the downward trendline at $2,329 potentially coming into play below this level.
Whale Exits Significantly Curtail Ethereum’s Rise
In the last 24 hours, the liquidation table has essentially turned to chaos. Long positions saw a wipeout of $15.1 million, while short positions faced deletions amounting to $25.5 million. On-chain data reveals that within three days, the massive transfer volume plummeted from $12.24 billion to $3.28 billion, indicating that deep-pocketed market drivers have temporarily stepped aside. This emerging picture suggests that as the “bears” gain strength, prospects above $2,700 are vanishing.
Investor sentiment remains quite fragile. Short-term traders are cashing in their profits and stepping back, resulting in dwindling volumes on spot exchanges. Nonetheless, the game isn’t entirely over for ETH. A substantial reaction from the $2,456 level could trigger a swift rebound towards $2,750, and the intermediate resistance at $2,870 might not hold against eager buyers for long.
DeFi’s Viability Caps Potential Steep Declines in ETH
Despite the intense selling pressure, the Ethereum ecosystem has gained remarkable momentum in the background. Total Value Locked (TVL) increased by 25% in one month, reaching $62.7 billion. Ethereum still claims 54% of the sector’s market share. Protocols such as Pendle, Ether.fi, and EigenLayer have seen TVL growth rates between 48-50%, drawing medium to long-term capital to Ethereum through on-chain yield opportunities. This heavy DeFi activity strengthens the network’s economic foundations, potentially cushioning it against extreme downturn scenarios even if the price falters.
Technically, there are also glimmers of hope. Although the RSI hovers just below the midline, it hasn’t plunged deeply into the negative territory, leaving room for a possible recovery. A defense centered around the 100-day EMA could pave the way for buyers to return. A successful bounce back might rapidly introduce fresh upward momentum, pushing towards the $3,000 threshold.
