Ethereum Jumps Above $2,600, Reaches Highest Price Since January

ETH advanced during a wider altcoin-led market rally, but its order flow reveals an unusual setup. Market sellers had dominated […]

The post Ethereum Jumps Above $2,600, Reaches Highest Price Since January appeared first on Coindoo.

ETH advanced during a wider altcoin-led market rally, but its order flow reveals an unusual setup. Market sellers had dominated Binance trading before the breakout, yet their orders failed to produce a sustained decline.

Binance sellers were active before the breakout

A CryptoQuant chart shared by analyst Amr Taha placed cumulative net taker volume near negative $903 million. Ethereum was trading closer to $2,460 when the chart ended, before its subsequent move above $2,630.

Net taker volume compares aggressive market buying with aggressive market selling. A negative figure means sell orders demanding immediate execution exceeded comparable buy orders on the tracked Binance market. It does not represent $903 million leaving Ethereum because every completed sale still required a buyer.

Open interest was close to $3 billion, below a recent high around $3.3 billion. Open interest counts outstanding derivatives positions without revealing whether they are long or short. Its failure to reach a new high gives limited support to the idea that a sudden expansion in leverage was solely responsible for ETH’s advance.

ETH refused to follow the selling imbalance lower

Despite increasingly negative taker flow, Ethereum did not fall at the same rate. Price remained relatively stable around the end of the CryptoQuant chart and later broke through $2,630.

That divergence is consistent with passive buyers placing limit orders and allowing sellers to trade into them. Demand could also have come through other exchanges, institutional desks or onchain venues. Because the chart covers Binance rather than the entire ETH market, it cannot identify which buyers supplied the opposing demand.

The sequence points to a plausible explanation rather than a confirmed cause: aggressive sellers were repeatedly matched without gaining control of price. Once that supply weakened, ETH required less additional demand to move higher.

Large Ethereum transfers increased as price broke higher

Santiment reported an increase in Ethereum transactions worth more than $100,000 as ETH reached its January high. The rise shows that large holders became more active during the move, although the metric does not reveal whether they were buying, selling or transferring funds between wallets.

Santiment also counted a record 207 million non-empty Ethereum addresses. That reflects an expanding onchain footprint, but addresses should not be treated as individual users. One owner can control multiple wallets, while inactive addresses and accounts holding very small balances remain in the total.

Neither measurement proves that whales accumulated ETH. They show that the breakout occurred alongside greater activity from large addresses and a wider distribution of balances across the network.

Staking may have reduced the liquid supply available

More than 40 million ETH is currently committed to staking, according to data cited by Santiment. The Ethereum staking dashboard places the amount at approximately 43 million ETH, or about 35% of the circulating supply.

Staking cannot explain why Ethereum rose on a particular day, and staked coins are not permanently removed from circulation. Validators can withdraw after completing the network’s exit process. The large staked balance nevertheless reduces the amount of ETH available for immediate trading at any given moment.

If sellers become less aggressive while part of the supply remains committed to staking, even a moderate increase in demand can have a larger price effect. That possibility fits the Binance data, but it still needs confirmation through subsequent price action.

The breakout must survive its first pullback

Ethereum’s move above $2,630 clears a level not reached since January, but an intraday advance alone does not establish support. A daily close above the area would complete the breakout session. Remaining above it during later trading, or returning to it and attracting buyers, would provide stronger evidence that the market has accepted a higher range.

A quick reversal below $2,630 would change the reading. It would suggest that aggressive Binance sellers were temporarily contained rather than fully absorbed and that demand weakened once ETH reached a multi-month high.

The first meaningful bout of profit-taking should therefore reveal more than the initial surge. If ETH holds the breakout while taker flow remains negative or begins to recover, buyers will have shown that they can absorb supply at higher prices. If it falls back into its former range, the increase in whale transactions and wallet activity will look more like movement around the rally than evidence of durable demand.

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This article is provided for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices, derivatives data and onchain metrics can change rapidly.

The post Ethereum Jumps Above $2,600, Reaches Highest Price Since January appeared first on Coindoo.

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Source: https://coindoo.com/ethereum-jumps-above-2600-reaches-highest-price-since-january/

 

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