Ethereum ($ETH) was testing the Fibonacci golden zone between $2,095 and $2,138 at the time of writing after the recent sell-off.
An increase in whale supply on exchanges suggests profit-taking, while a sharp decline in withdrawals indicates a change in holder behavior.
Price enters technical critical zone
$ETHThe recent decline in has pushed prices into the $2,095 to $2,138 range, a zone that market players are keeping an eye on in hopes of a possible reversal.
This zone coincides with Fibonacci’s golden range and tends to attract buyers when the broader structure is intact.
The transition into this range follows a normal curve and is not abrupt. Price action reflects a controlled correction following the previous rally, and the overall trend has avoided turning completely bearish for now.
Exchange flows reveal mixed signals
Since May 5th, the share of supply on exchanges has increased significantly. This change typically signals a profit-taking phase, as sellers are locking in some profits thanks to the recent bear market from $2,400.
Most investors and institutions are reducing their exposure as they wait for confirmation of a clear trend.
At the same time, the pace of withdrawals has sharply declined in the past 24 hours. The number of withdrawal transactions from the exchange plummeted to the lowest level in the month in the past 24 hours.
That change is important. The decline in the number of token withdrawal transactions suggests that accumulation is not yet aggressive enough to offset the initial inflow.
Taken together, the data reflect a transitional stage rather than a clear directional bias.
Market structure enters the decision point
With prices approaching the golden zone and currency trends showing mixed intentions, $ETH We are at a critical time. Sellers are already taking action, as seen in the rise in foreign exchange balances, but it seems less certain at this point whether the bear market will continue.
This brings the market into a balanced state. Buyers are likely to enter near this zone, but confidence will need to emerge in the form of new outflows and strengthening spot demand.
The setup has been formed but has not been verified yet. The $2,095 to $2,138 range is a logical area to react, especially if broad sentiment starts to improve.
If buyers regain control and force prices away from this zone, the current correction could turn into a bullish continuation. If not, the lack of a strong exit could leave room for further declines before a clearer base is established.
Final summary
- $ETH After a controlled decline, we are testing the Fibonacci golden zone from $2,095 to $2,138.
- An increase in whale supply on the network’s exchanges signals profit-taking, while a decline in withdrawals reflects weaker accumulation.
