- Ethereum has witnessed net buys on Coinbase exceeding over $150 million since Sunday.
- The price hovers around $2,249 with strong support seen at $2,200.
- An upside breakout past $2,500 could cause Ethereum to race toward $2,800 in the near term.
Ethereum is said to have witnessed intense activity on the buying side through Coinbase, having attracted net buys of over $150 million since Sunday. This, however, comes at a time where ETH is trading at levels around $2,249, and it is slowly emerging from a long downtrend. Similar patterns of buying were seen in October six months ago, just prior to a major breakout. If this pattern continues to hold, Ethereum will be mapping out another possible price explosion.
The data on the chart indicates that it is Coinbase making that majority part of the action relative to everyone else; spot volumes dwarf those of other platforms such as Binance, Kraken, and Bybit. Such price movement points toward quite possibly that institutional players or, indeed, large-scale investors are behind this sort of accumulation phase, signaling bullish reversal.
Analysis of Price Action and Exchange Flow
Since $2,500 has presented such a stiff resistance around which Ethereum’s price has been moving, this has led to the formation of lower highs for the last few months. Current support at about $2,200 has seen buyers stepping in aggressively to soak up selling pressure. The completely opposite price action on spot buying of Coinbase compared to other exchanges indicates a localized demand spike that may affect broader market conditions.
It is clear from the chart that Ethereum’s price had been on a downward trend for weeks before it began stabilizing. However, the marked steep incline in net buying volume through Coinbase, highlighted in white, indicates this as a buildup ahead of a price breakout. This mimicked the accumulation seen in October, which then resulted in a price increase several weeks later.
Potential Breakout and What It Means for the Market
Ethereum is expected to make significant advances should it continue to buy. This could culminate in an attempt to breach $2,500, which would otherwise end up being tested as a crucial resistance level. A breach beyond this threshold would open up avenues as high as $2,800 and way beyond. If the buying pressure is not maintained, however, it could also reverse toward $2,100, where testing for a rather solid support will likely be experienced.
All eyes on the market keep watching whether this accumulation leads to another great rally. If the past is any indicator, Ethereum is about to take a journey toward an awesome price movement, all thanks to furious demand from the spot market of Coinbase. Only time will tell if the buying will continue or, rather, if sellers will step in to stop further upward momentum.
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