Ethereum price today: $2,050
- Over the past week, Ethereum whales and retail wallets have been the main sellers.
- Open interest drops to 13.52 million, the lowest in a week $ETH.
- $ETH A rejection was seen at the 50-day EMA.
Ethereum is down about 3% at the time of writing on Thursday, reversing the gains it had made over the past two days.
On-chain data paints a mixed picture for the top altcoins, but with a bearish trend. Over the past week, investors from all walks of life have been under pressure.
Whales or wallets with balances between 10,000 and 100,000, which have been major buyers throughout the recent downtrend, offloaded 340,000. $ETH From March 24th to 30th. But the whale went back to buying on Tuesday, earning $270,000. $ETH Over the past two days.
Whereas 100 to 1,000 and 1,000 to 10,000 retailers or wallets $ETH Continue distribution and reduce stock holdings by approximately 200,000 $ETH Over the past week.
usa spot $ETH Exchange-traded funds (ETFs) are showing a similar trend. According to SoSoValue data, the product has seen inflows on just two trading days over the past two weeks.
On the derivatives side, Ethereum’s open interest has shrunk, falling from 14.6 million to 13.52 million. $ETHThis is the lowest level in the past week. This decline occurred at a time when funding rates have been consistently negative.
Open interest is the total amount of outstanding contracts in the derivatives market, and funding rate is the periodic payment between traders that locks in the price of a futures contract to a spot trade.
Despite clear signs of distribution, Ethereum has seen heavy inflows into staking contracts, with total staking $ETH 1 million increase $ETH In the past month.
Ethereum price prediction: $ETH Down again before the 50-day EMA
According to Coinglass data, Ethereum recorded $90.2 million in liquidations in the past 24 hours, led by $70 million in long-term liquidations.
On the daily chart, $ETH It is trading at $2,055. The short-term bias is neutral, but slightly to the downside, as the price is below the 20-day and 50-day exponential moving averages (EMAs) that cap the prepayments near $2,080 and $2,160.
The Relative Strength Index (RSI) has retreated towards the mid-40s and the Stochastic Oscillator (Stoch) has retreated from near overbought territory, both indicating bullish momentum is fading.
Immediate resistance lies at the upper bound of the nearby horizontal at $2,108, then $2,389, and then $2,746. A daily close above $2,108 would be the first step to relieve pressure and expose a higher resistance band towards the 100-day EMA and $2,389.
On the downside, the first support is at $1,911, followed by $1,741 and $1,524. only for $ETH Still trapped below the descending EMA cluster at $2,108, the risk of a reversal towards the $1,700 area remains, while the outlook remains stable unless we sustain a sustained break above the initial upper bound.
(The technical analysis in this story was written with the help of AI tools.)
