Ethereum holds steady above $2,300 despite lingering retail distribution

Ethereum price today: $2,380

• Ethereum retail cohorts have distributed nearly 1.5 million $ETH in the past two weeks.
• The bearish bias is also evident in $ETH perpetuals, which have posted consistent negative funding rates over the past month.
• $ETH continues to mount pressure on the $2,388 resistance.

Ethereum ($ETH) is holding above $2,300 on Tuesday, up 0.8% on the day and more than 3% over the past week despite persistent bearish signals across key metrics.

The onchain supply metric shows that retailers have been strong distributors in the past week, with wallets in the bracket of 100-1K and 1K-10K $ETH offloading roughly 820K $ETH. This cohort also recorded major selling activity in the previous week, bringing their total distribution in the past two weeks to nearly 1.5 million $ETH.

Most of the recent distribution likely flowed from short-term holders, as evidenced by a steep decline in the 90-day Mean Coin Age metric, which tracks the average number of days coins in that cohort have stayed in their current wallets.

The negative pattern is also observed in staking flows, where investors unstaked roughly 300K $ETH in the past week, its largest weekly outflow since November.

While distribution remains persistent across retail cohorts, whales have maintained positive sentiment, accumulating 230K $ETH last week.

On the derivatives side, $ETH perpetuals continue to show a dominant bearish leaning, with consistent negative funding rates amid a slight upward move above 14 million $ETH in open interest, indicating lingering cautious sentiment.

Ethereum Price Forecast: $ETH continues to pressure $2,388 resistance

Ethereum has recorded $38.7 million in liquidations over the past 24 hours, led by $26.1 million in liquidated short positions.

On the daily chart, $ETH is maintaining a constructive bullish tone as price holds above the 20-, 50- and 100-day Exponential Moving Averages (EMAs), which are clustered between roughly $2,260 and $2,361.

This configuration suggests an underlying uptrend with the latest push stalling just under nearby resistance, while the Relative Strength Index (RSI) is around 59 and a Stochastic Oscillator (Stoch) reading in the mid-70s hints at firm but not yet extreme bullish momentum.

On the topside, initial resistance is seen at the 100-day EMA and the horizontal barrier near $2,388, with further hurdles at $2,746 and then $3,411 if buyers extend the advance.

On the downside, immediate dynamic support is provided by the 20- and 50-day EMAs at $2,305 and $2,260, respectively. Below these, horizontal cushions emerge at $2,211 and $2,107, ahead of deeper supports at $1,909 and $1,741.

(The technical analysis of this story was written with the help of an AI tool.)