Ethereum bulls face $2,400 wall: Is profit-taking warning of a pullback?
Ethereum
eth-1.89%Ethereum is facing renewed caution after Santiment data showed network realized profits rose to $74.58 million, the highest level in three weeks.
The move came while ETH fell about 5.5% over three days, suggesting some profitable holders used the pullback to exit positions.
Crypto.news price data showed ETH at $2,270, down 1.41% over 24 hours. Trading volume stood at $14.29 billion, while market cap was $273.7 billion. The 24-hour range ran from $2,240 to $2,320, keeping ETH close to the short-term pivot watched by traders.
Santiment data points to dip selling
Santiment said the profit spike may look “counterintuitive” because it came during a price drop. The firm linked the move to holders who bought ETH below $2,000 during February and March, leaving them in profit even after the latest decline.
The analytics firm also said higher on-chain movement can create more realized profit and loss events. It added that the setup “doesn’t necessarily imply you should get bearish,” but warned traders not to position aggressively until distribution shows clearer signs of easing.
Technical levels stay tight
CryptoWZRD noted that ETH closed indecisively and “can decline from here” if it stays below $2,270. The trader said a move above that level could give the market room for an upside move, making $2,270 the first level to watch in the short term.
Recent market updates show the same tension. One crypto.news analysis said ETH formed a bearish RSI divergence near $2,400, raising the risk of a retest of the $2,200 support zone.
Another noted a bullish 20-day and 50-day SMA crossover, with a clean move above $2,400 needed to open a path toward $2,600.
Whale walls keep $2,400 in focus
CW said Binance whales formed a sell wall near $2,400, while Coinbase whales were also limiting short-term upside. The trader said U.S. whales “do not yet want the price to rise,” a claim that points to caution around spot and order-book pressure.
The $2,400 to $2,450 zone has already capped ETH for several sessions. Crypto.news recently reported that ETH had stayed between $2,250 and $2,450 for nearly a month after rebounding from its February low, leaving spot demand central to any confirmed breakout.
Separately, Charles Schwab has started rolling out spot Bitcoin and Ethereum trading for select retail clients. Schwab Crypto supports BTC and ETH at launch, with Paxos handling execution and sub-custody.
