Ethereum trades near $2.4K, held below the $2.5K resistance zone after another rejection at that level. Exchange reserves keep falling even as price recovers, while short-term momentum has weakened on the 4-hour chart.
Ethereum has failed to confirm a breakout above $2.5K again, leaving the coin consolidating just below that resistance zone. The daily structure still looks constructive compared with June, but the latest rejection has cooled short-term momentum.
Daily chart holds above the June base
ETH built a base around the $1.5K-$1.6K region before a sustained recovery pushed it above $2K and into the $2.5K zone. However, the coin has repeatedly struggled to confirm a breakout above $2.5K, and a decisive daily close above that level could open the way toward $3K.
On the downside, the first important support sits around $2.0K-$2.1K, a zone that overlaps with the 100-day and 200-day moving averages. The 200-day moving average sits near $2.05K and is rising, while the 100-day average is turning upward near $1.95K.
Four-hour range narrows toward $2.35K
ETH climbed from roughly $1.9K toward $2.5K around August 19-22, then settled into a horizontal range roughly between $2.35K and $2.6K. The price has now drifted toward the lower boundary near $2.35K, making that level the key short-term support.
If buyers defend $2.35K and reclaim $2.5K, the range could stay intact and bring the $2.6K upper boundary back into play. A breakdown below $2.35K, however, would expose the $2.25K order block and, beyond that, the broader $1.9K support area. The four-hour RSI has fallen toward the 30 region, pointing to weaker short-term momentum after the rejection from $2.5K.
Exchange reserves keep declining
Exchange-held ETH has fallen from above 21M coins in the first half of 2025 to approximately 14.6M ETH currently. The decline has continued even as price recovered toward $2.4K, meaning the coins tracked on exchanges have trended lower rather than expanding alongside the rally.
Fewer coins on exchanges can reduce readily available supply for selling, though the metric alone does not determine future price direction. ETH still sits below the $2.5K resistance while reserves hold near their lowest visible level, a combination that would support a breakout if the level breaks. However, failure to hold $2.3K-$2.35K would keep the market in a corrective phase despite the longer-term reserve decline.
Source: CryptoPotato
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