Below the current price, the chart shows a wide liquidity pocket near the $2,800 lows. This area remains untouched and contains significant resting liquidity. Snyder noted that any test of this zone would require a clear reversal signal before considering long positions. The setup depends on reaction rather than anticipation.
Beyond technical levels, holder behavior presents mixed signals. Long-term holders have resumed accumulation after nearly five months of steady distribution. This shift follows prolonged outflows that weakened long-term supply stability earlier in the year. Renewed holding suggests improving confidence among this group.
In contrast, whale activity serves as a cautionary sign. Addresses holding between 100,000 and 1 million ETH sold about 270,000 ETH over the past five days. At current prices, that distribution exceeds $793 million. The selling adds near-term supply pressure and reflects defensive positioning by large holders.
Together, the chart structure and on-chain behavior show a market driven by liquidity movement rather than sustained trend expansion. Ethereum now trades between defined resistance above and untapped liquidity below, with price action set to resolve the imbalance.
Also Read: ETH Price Set for 80% Upsurge in 2026 Compared to Bitcoin