Ether has surged more than 100% from its April lows under $1,400 to a peak of $2,800, but has since entered a consolidation phase, trading within a tight $400 range for nearly eight weeks. Despite the sideways price action, Ethereum-based investment products have maintained strong momentum, recording $226.4 million in net inflows last week. These products are now averaging weekly inflows equal to 1.6% of their assets under management—double that of Bitcoin’s 0.8%. Supporting this bullish outlook is a sharp decline in exchange supply, with on-chain data from Glassnode showing ETH balances on centralized exchanges have fallen to an eight-year low of 13.5%, a level not seen since July 2016.
At the time of writing, ETH was trading at $2,620.
ETH witnessed a sharp correction, and the price fell almost 26.5% from the recent high of $2,879 to $2,111. The asset bounced from the key support of $2,150 and rallied up to $2,625. Post this move, ETH is trading in a range from $2,625 to $2,475 with low volumes. The asset has strong support at $2,350, whereas $2,675 and $2,850 will act as strong resistance. To further rally, it needs to break, close, and sustain above the mentioned resistance levels.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,150 | $2,350 | ETH | $2,675 | $2,850 |
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