Ethereum whales accumulated more than 520K ETH between February 4 and 8, offsetting distribution from retail investors. During the period, retail investors — wallets holding 100-1K ETH and 1K-10K ETH — distributed 233K ETH, meaning the buying pressure from whales outweighed the distribution of retail investors for the first time since the beginning of the year. On the upside, ETH has to overcome the $2,100 resistance to rise toward $2,380.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are around oversold territory, indicating a dominant bearish momentum. ETH Net Taker Volume on Binance has returned to negative territory after briefly flipping positive in January, indicating shorts are building up positions again. The ETH Coinbase Premium has remained at a discount since December, indicating continued selling pressure from US investors. ETH price today: $2,010.
In the near term, key levels to watch are $1,740 for support and $2,100 for resistance; a break above $2,100 could open a path toward $2,380. With ETH around $2,010, the trajectory will hinge on whether bulls can sustain above major resistance or if selling pressure resumes at higher levels.
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