Ethereum Spot vs Shorts: Market Can’t Agree on What Happens Next

3 hours ago 1

Key Takeaways

ETH exchange reserves hit a one-year low of 14.7M.
Netflow is negative at -10.6K.
Block size at 185.4K.
NUPL at 0.046.
Realized price at $2,308.
Funding rates at -0.005.
Price holding ascending channel, RSI at 52.80.

Ethereum has had a strong April. From a low near $2,000 on April 7, it climbed steadily to $2,450 by April 17, riding the same geopolitical optimism that lifted the whole market when Iran briefly opened the Strait of Hormuz and a Lebanon ceasefire took effect. Then the strait closed again today, sentiment cooled, and ETH pulled back to $2,365 at the time of writing.

Now the market is split. And the on-chain data makes that split unusually visible.