Ethereum reached US$ 2,368.14 (+1.93% in 24h), driven by a Daily Volume of 337K ETH (Price Action), surpassing its average (MA-20) of 298.39K ETH. With the RSI at 60.18, there is upward traction, but on-chain data requires surgical caution.

SOPR

The Exchange Inflow (Total) - Binance skyrocketed to 344,807 ETH, surpassing the SMA-7 (273,748). To read this movement, the ETH: Proxy SOPR (Focus on Realized Profit) is applied. The global SOPR at 1.0157 — where values above 1 indicate coins transacted in profit — combined with the Binance User Deposit Address cohort at 0.0001498, reveals that retail transferred coins to the exchange to pocket gains, creating strong selling resistance.

MVRV

On the other hand, the institutional foundation resists. The ETH: Proxy MVRV (Focus on Valuation and Unrealized Profit) indicator, which maps latent profits, shows the MVRV Ratio at 1.0081, but the whale cohort Balance 10k~100k registers -0.002139. In practice, this deficit indicates that large investors have an unrealized loss and refuse to dump coins. With the average cost (Realized Price) of the mega-whales (Balance 100k~) marking a concrete support at US$ 2,090.30, the true test for the asset will be to break the resistance of US$ 2,429.30, the base price of long-term investors (Structural Accumulators - Accumulating Address).

CONCLUSION

Despite retail selling pressure in the short term, the whales' resilience shields Ethereum's support. The market now needs to absorb this liquidity to test the wall of US$ 2,429.30.

Written by GugaOnChain