Ethereum Price Today: $2,420
- Ethereum spot and derivative markets show slow movement, with reduced investor buying activity.
- Network usage grows despite range-bound prices.
- ETH faces rejection at $2,500 after forming an inverted hammer.
Ethereum (ETH) dipped 1% early Friday as cautious market sentiment prevailed, driven by low realized profit/loss and steady open interest. However, network activity surged, with transactions jumping from 1.23 million to 1.75 million midweek, fueled by rising active addresses.
Range-Bound Price Movement Amid Network Growth
Ethereum’s derivatives and spot markets have been neutral recently, reflecting persistent caution. Key metrics reveal:
- Network Realized Profit/Loss and Mean Coin Age indicate subdued trading activity.
- Daily profits/losses remain under $100 million, with flat accumulation/distribution.
- Whale holdings (10,000–100,000 ETH) rose marginally by 7,000 ETH, per CryptoQuant.
- Exchange reserves edged upward, signaling slight selling pressure.
Derivatives data mirrors this trend:
- Open interest (OI) stalled below 13 million ETH after Saturday’s decline.
👉 Why Ethereum’s Network Activity Matters for ETH’s Price
Bullish Signals in Network Activity
Despite price stagnation, Ethereum’s fundamentals show strength:
- Active addresses broke their June 13 downtrend.
- Transaction counts spiked 42% (1.23M → 1.75M) from Sunday to Wednesday.
Such growth often underpins long-term recoveries—if macroeconomic conditions align. However, uncertainty around U.S. tariff policies casts a bearish shadow.
Ethereum Price Forecast: Key Levels to Watch
- Futures liquidations: $75.11 million (24h), split evenly between longs/shorts.
- ETH tested $2,500 but faced rejection at the 100-period SMA, forming an inverted hammer.
Bullish Scenario:
- Hold $2,400 support; break $2,510 resistance to confirm reversal.
Bearish Risks:
- Fall below $2,400 may trigger a drop toward $2,110 (descending channel boundary).
Technical Indicators:
- RSI testing neutral; Stochastic Oscillator above midline.
- RSI crossover could boost bullish momentum.
👉 Ethereum Trading Strategies for Range-Bound Markets
FAQs
Q: What’s driving Ethereum’s network activity growth?
A: Increased transactions and active addresses suggest renewed ecosystem interest, despite stagnant prices.
Q: How does whale activity impact ETH’s price?
A: Stable whale holdings indicate cautious accumulation, limiting volatility.
Q: What key level should traders watch?
A: $2,510 resistance and $2,400 support are critical for determining ETH’s next move.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Cryptocurrency trading involves risks, including capital loss.