Ethereum traded near $2,452, marking a 2.49% daily increase and extending its weekly gains to 29%. Following a rise to $2,546, the asset's price has consolidated, hovering between $2,400 and $2,500.
Amid these market shifts, institutional positioning has become prominent. According to data from Lookonchain, Abraxas Capital built $783 million in short positions on Hyperliquid. To manage the associated risk of this high leverage, the firm simultaneously executed spot hedging strategies.
Over a four-day period, Abraxas Capital purchased 73,872 ETH, valued at approximately $173.17 million, directly from Binance. Such spot acquisitions can help absorb market pressure generated by active sellers.
Meanwhile, broader exchange data indicates continued selling pressure. Binance netflows remained positive for five consecutive days, while overall exchange netflows stayed positive for two consecutive days at approximately 2,300 ETH. This sustained positive netflow reflects increased selling activity, pushing the Binance Exchange Supply Ratio (ESR) to a monthly high of 0.0328.
Despite the rising exchange supply, heavy demand from major buyers like Abraxas Capital has helped absorb the selling pressure, maintaining a state of market equilibrium and resulting in the recent sideways trading range.
Technical indicators reflect a strong bullish momentum, with the MACD holding an upward trajectory and the ADX trend indicator showing active momentum. Analysts note that continued market dynamics could see Ethereum target $2,800, though persistent selling could risk a drop toward support levels at $2,400 or $2,200.
