Recent on-chain data highlights positive momentum for Ethereum, as analysts examine key metrics and resistance levels that could shape the asset's trajectory. Ethereum recently traded at $2,450.31, reflecting a 1.49% increase over 24 hours and a 31.20% gain over the past week, according to CoinGecko data.
A golden cross on Ethereum's MVRV Ratio occurred on August 19 when the metric crossed above its 160-day moving average. Analyst Ali Charts reported that Ethereum subsequently rose 34%, climbing from $1,905 to a high of $2,547. Glassnode data indicates that overall momentum remains intact following this signal.
Data from Santiment Intelligence reveals that whale activity has increased during the recent rally. Wallets holding more than 10,000 ETH grew by 1.74% over the week, with 17 new whale addresses joining the network, indicating that large holders may be positioning for further gains.
Additionally, exchange balances have declined, signaling reduced near-term selling pressure. Over 180,764 ETH, valued at approximately $440 million, moved off exchanges in a single week. Such outflows typically point toward cold storage or staking, which decreases the readily available supply on exchanges.
Despite these bullish indicators, Ethereum faces significant technical hurdles. URPD data shows a resistance band between $2,722 and $2,970, where 16.70 million ETH were previously acquired. This concentration of coins forms a substantial supply wall that could create selling pressure as holders approach their break-even points.
Analysts note that clearing this resistance zone is necessary to open a path toward the 2.4 MVRV Pricing Band near $5,363. Conversely, if Ethereum fails to break through the resistance, a pullback toward the Realized Price near $2,235 is viewed as a reasonable and healthy retracement within the broader uptrend that began in mid-August.
