However, Ethereum still faces a major wall between $2,722 and $2,822. More than 13.3 million $ETH were previously traded in this range, which makes it a significant hurdle. Martinez said several failed breakout attempts could occur. If the leading altcoin breaks above this zone decisively, the next resistance levels are near $2,970 and $3,366. According to the analysis, rising whale demand remains a major market signal.
At the same time, another important trend is developing on the supply side. CryptoPotato recently reported that Ethereum’s available supply on crypto exchanges has dropped to a record low. Only 3.49% of $ETH is held on tracked platforms, while another 1.16% of the supply has left exchanges since June 1.
The decline is linked partly to growing activity in staking and DeFi. Around 35% of $ETH is estimated to be staked, while roughly $53 billion is locked in DeFi. Long-term holders and large treasury firms are also keeping more tokens off exchanges. This could limit readily available supply if demand increases.
Separately, Ethereum is also seeing an aggressive bet from a trader with an unusual track record. A mysterious trader has taken a $99 million long position on the crypto asset using 25x leverage. The position was opened when $ETH traded near $2,660, with liquidation set at $2,552 unless more collateral is added.
The trader has reportedly made 3,156 trades with a 100% win rate and earned $5.5 million in profits last week alone.
Institutional Appetite
On the institutional side of things, US-based spot $ETH ETFs recorded another week of positive inflows, as nearly $690 million entered across five trading days. Monday saw the strongest inflow at almost $270 million.
On Tuesday, these investment products attracted $162 million, while Wednesday brought another $104.6 million, followed by $66 million on Thursday. Flows picked up slightly on Friday, with almost $87 million recorded.
