Ethereum Nears ATH, But $2,900 Resistance Looms

Key Notes

• On-chain data highlights a strong support level at $2,370, with minimal resistance above it.
• Yet, broader crypto market sentiment has been shaken by geopolitical concerns, including potential U.S.tariffs on the EU.
• Spot Ethereum ETFs are experiencing increased inflows, totaling $110 million on Thursday.

Ethereum

ETH $1 845

24h volatility: 2.6%

Market cap: $222.72 B

Vol. 24h: $14.22 B

price has been showing major strength recently, rising to the crucial resistance of $2,700, with a massive 50% upside in the last 15 days.

However, the altcoin is encountering significant resistance at this level and must break through it with strong trading volumes to confirm the uptrend.

Although on-chain metrics indicate underlying strength, Ethereum bulls need to surpass the “Active Realized Price” of $2,900 to secure a sustained rally toward all-time highs.

Ethereum Price Analysis: Key Metrics Indicate Bullish Momentum

On-chain analytics firm Glassnode has highlighted significant milestones for Ethereum (ETH) as the cryptocurrency continues to show bullish momentum.

In May, ETH climbed past its Realized Price of $1,900, signaling a return to profitability for the average holder. The current price has also surpassed the True Market Mean of $2,400, which Glassnode views as a bullish indicator for the asset.

However, analysts suggest that reclaiming the Active Realized Price at $2,900 is essential to solidify investor confidence and sustain the upward trajectory. This level represents the average acquisition price of the most active participants in the Ethereum market.

As of press time, ETH price is facing some selling pressure down 2.5%, slipping under $2,600 level, with a 25% drop in daily trading volumes. This sudden selling pressure is felt across the broader crypto market as Trump threatens to impose a 50% tariff on the EU starting June 1. The announcement has once again rattled the global crypto landscape.

Prominent crypto analyst Ali Martinez has identified a robust support level for Ethereum at $2,370. In a recent update, Martinez noted the absence of major resistance barriers above this level, suggesting potential for further upward momentum.

Ethereum ETF Inflows Pick Up Pace Again

Inflows into the spot Ethereum ETF have picked up pace once again, netting up a total of $110 million on Thursday. The biggest contribution came from Grayscale’s ETHE, which saw $43.7 million in inflows, followed by Fidelity’s FETH, which saw $42.2 million in inflows, and Grayscale mini-Ether ETF, which saw $18.7 million in inflows.

On the other hand, the U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding 21Shares’ proposal to integrate staking services into its spot Ethereum ETF. The delay signals continued regulatory scrutiny over innovations in cryptocurrency investment products.

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Blockchain: Ethereum

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