Ethereum Faces $2,750 Resistance as Whales and Traders Clash
A prominent trader has placed a $60.8 million short bet against Ethereum, signaling skepticism despite the asset''s recent gains. The MOVE comes as ETH struggles to break through the $2,750 resistance level, a barrier that has historically triggered pullbacks. On-chain data reveals whales continue accumulating ETH aggressively, creating a tug-of-war between institutional accumulation and professional traders'' bearish sentiment. This dynamic highlights the ongoing battle between bullish institutional interest and short-term trader skepticism, with Ethereum''s price action at a critical juncture. The $2,750 level remains a key resistance to watch, as its breakout or rejection could dictate the next major move for ETH.
Smart Trader Flips Bearish on Ethereum as Price Battles $2,750 Resistance
A prominent trader has placed a $60.8 million short bet against Ethereum, signaling skepticism despite the asset''s recent gains. The move comes as ETH struggles to break through the $2,750 resistance level, a barrier that has historically triggered pullbacks.
On-chain data reveals whales continue accumulating ETH aggressively, creating a tug-of-war between institutional accumulation and professional traders'' bearish positioning. The same trader now shorting $60.8 million in ETH previously profited $5.18 million by correctly predicting June''s downturn.
Market sentiment remains bifurcated—price action above $2,700 fuels optimism, but the looming resistance and large-scale shorts suggest potential consolidation. Ethereum''s next directional move could dictate altcoin market trends in the coming weeks.
Ethereum''s Bullish Trajectory Holds Firm Amid Shallow Retracement
Ethereum''s path to $6,000 remains viable despite a shallower-than-expected retracement. The cryptocurrency failed to break above the 200-day moving average initially, aligning with an alternative Elliott Wave scenario. A 23.8% pullback to $2,380—less severe than the typical 50-61.8% second-wave retracement—has now given way to the third wave of its bullish cycle.
Technical analysis suggests the red W-iii wave is underway, likely subdividing into five smaller fractal waves. This phase follows ETH''s recent breakthrough of its 200-day SMA. Fibonacci targets indicate the current rally could reach at least $6,100, supported by previously identified bullish pennant patterns.
Ether Surges on Trade Deal Hopes and Soft CPI Data
Ether (ETH) rallied sharply to an intraday high of $2,873.46 as risk appetite returned to markets. The move followed reports of a tentative U.S.-China trade agreement and cooler-than-expected U.S. inflation data.
The proposed trade framework would ease U.S. technology export restrictions in exchange for China resuming rare-earth shipments. Former President Donald TRUMP later confirmed the deal on Truth Social, pending final approvals.
At 8:30 a.m. ET, the U.S. Labor Department reported both headline and Core CPI rose just 0.1% month-over-month in May—below expectations. The data reinforced speculation about potential Federal Reserve rate cuts in 2025.
Ether broke through key resistance at $2,800 with spot volume hitting $1.47 billion. ETH futures open interest reached a record $21.7 billion, while staked ETH climbed to an all-time high of 34.65 million tokens. Institutional interest appeared strong, with BlackRock reportedly acquiring $500 million in ETH over 10 days.
Ethereum Faces Minimal Resistance on Path to $3,400, On-Chain Data Suggests
Ethereum''s recent surge has cleared key supply barriers, with on-chain analysis revealing no dominant resistance levels until $3,417. Glassnode data indicates approximately 1.3 million ETH each was last acquired at $2,700 and $2,740, while 800,000 ETH changed hands at $2,760—levels now breached in the rally.
Cost basis concentrations typically act as psychological inflection points. As ETH retests these levels from below, investors who bought at higher prices may liquidate positions to break even. The absence of dense supply walls above current prices suggests room for upward momentum before encountering significant selling pressure.
Market structure appears favorable for continuation, with the next major supply cluster only emerging NEAR the $3,417 threshold. This technical landscape aligns with growing institutional interest in ETH ETFs and the network''s ongoing scalability improvements.
