TLDR
- ETH reached $2,417 before encountering selling pressure that reversed gains
- Critical resistance zone exists between $2,360–$2,400; downside support maintains around $2,190–$2,295
- Large holder wallets have distributed approximately 60K ETH following achievement of break-even prices
- ETH futures open interest remains stagnant at 14.2 million ETH with minimal growth
- US spot ETH ETFs recorded five consecutive days of positive flows, attracting $67.8M on Wednesday
Ethereum reached a peak of $2,417 during recent trading before encountering significant selling activity that drove the price beneath $2,350. The upward movement encountered a barrier that market observers have tracked throughout the week.
Current trading activity places the asset just above $2,300, maintaining position above the 100-hourly Simple Moving Average. Sellers continue to protect the $2,360 threshold, where a short-term trend line creates additional overhead pressure.
The near-term resistance cluster occupies the zone between $2,360 and $2,420. A decisive move beyond $2,420 would establish pathways toward $2,450, $2,500, and potentially $2,550. For downside scenarios, $2,295 represents the initial support target, with subsequent levels at $2,265 and $2,200.
$ETH is currently around the $2,350 level.
There are 2 key levels here for Ethereum.
To the upside, ETH has strong resistance around the $2,400 level.
To the downside, ETH has a decent support around the $2,150-$2,200 level.
IMO, ETH could have one move up here before a… pic.twitter.com/K0qlUDj3bq
— Ted (@TedPillows) April 16, 2026
Daily timeframe analysis reveals ETH maintaining position above the 20- and 50-day EMAs positioned at $2,214 and $2,190. The RSI hovers near 61, indicating moderate bullish momentum, while the Stochastic Oscillator reading near 84 suggests stretched conditions that may limit further gains.
The 100-day EMA at $2,376 serves as near-term resistance, positioned slightly below the horizontal obstacle at $2,388. A confirmed daily close surpassing that threshold would bring $2,746 and subsequently $3,411 into potential target range.
Whale Selling Adding Pressure
Blockchain data reveals that addresses holding 10K–100K ETH initiated distribution following price advancement above their average acquisition cost. These addresses have sold approximately 60K ETH since Monday.
Two additional cohorts, comprising wallets with 100–1K and 1K–10K ETH, have distributed around 350K ETH across the weekly period. Such behavior typically reflects holders seeking exits near cost basis levels.
ETH futures open interest has remained unchanged at approximately 14.2 million ETH following the earlier weekly price surge. The seven-day moving average of the Taker Buy-Sell Ratio has begun declining, indicating diminishing buyer enthusiasm in derivatives markets.
Ethereum experienced $111.6 million in liquidations during the past 24 hours. Long position liquidations accounted for $70.8 million of that total.
ETF Inflows Offer Some Support
US spot Ethereum ETFs logged five consecutive sessions of positive net flows. Wednesday’s session alone generated $67.8 million in inflows, per SoSoValue data. This indicates renewed institutional demand, although market watchers note the momentum remains measured.
The 4-hour chart displays ETH facing rejection at the $2,360 resistance area before retracing toward $2,190 support. Should buyers successfully protect that level, another challenge of the $2,400 zone becomes feasible.
ETH currently trades at $2,350, maintaining position above short-term moving averages, with $2,360 representing the next overhead hurdle to overcome.
