ETH Is Stuck in a $120 Range While Its Supply Disappears

Key Takeaways:

• ETH trapped between 0.786 Fib ($2,053) and 0.618 Fib ($2,171) for days
• SMA100 at $2,157 and SMA50 at $2,260 both declining, acting as resistance
• Exchange reserves at 14.9M ETH, lowest since 2022, down from 30M four years ago
• 32.2% of all ETH supply locked in staking, rising consistently since 2022
• Tom Lee accumulated 5.4M ETH through BitMine, 4.47% of circulating supply

Ethereum is trading at $2,093 today, up 0.93%, bouncing inside a range between the 0.786 Fibonacci retracement at $2,053.27 on the bottom and the 0.618 Fib at $2,171.30 on top. That’s a $118 corridor with resistance stacked immediately above and support that if lost opens a drop to $1,941. Meanwhile the on-chain data shows the amount of ETH available to sell sitting at its lowest point since 2022. The price chart and the supply picture are pointing in opposite directions.

Read Entire Article