Ethereum Could Be Preparing For A Major Move

Ethereum is currently holding an important support level, and both technical indicators and on chain data suggest that a larger move may be coming. The price remains in an overall uptrend, with consistent rebounds from a long term trendline that has been in place since 2022.

At the moment, Ethereum is facing resistance near a key moving average. A successful break above this level could open the path toward higher targets around 2749 dollars. The structure still looks positive, but confirmation is needed for the next upward move.

Technical signals are starting to improve. The RSI has bounced from lower levels, showing that selling pressure is weakening while buyers are slowly regaining control.

On chain data adds further support to this outlook. The amount of Ethereum held on exchanges has dropped to around 14.9 million, which is a multi year low. This means there is less ETH available for immediate selling, reducing downward pressure on the price.

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At the same time, withdrawal activity remains low, suggesting that coins leaving exchanges are not returning. Instead, they are likely being held in wallets or used for staking, tightening overall supply.

Institutional demand is also returning. After a short period of outflows, investment inflows have picked up again, with over 120 million dollars entering the market in early April. This creates a strong combination of reduced supply and increasing demand.

A possible external catalyst could come from global events, such as easing geopolitical tensions. If that happens, it may provide the push needed for Ethereum to break resistance and continue higher.