Ethereum has expanded northward from a major accumulation zone, supported by falling exchange reserves that signal ongoing accumulation. The asset is currently testing a critical resistance level around the $2,400 to $2,500 supply zone.
Data from CryptoQuant shows that the Coinbase Premium Index has been close to zero but remains out of positive territory. Negative readings in recent months indicated that demand from United States-based investors was weaker compared to demand on Binance. Historically, prominent Ethereum bull runs have been accompanied by strongly positive Coinbase Premium Index readings, and a sustained period above zero was last observed in October when the asset traded in the $2,200 to $2,400 range.
According to crypto intelligence platform Alphractal, the current Ethereum investor price—defined as the average acquisition price of ETH held by economically active investors—sits at around $1,700. After testing this investor price in June, prices rallied. Historically, touches of or dips below this level have represented major accumulation zones.
This positive reaction from the price level was accompanied by strong buying pressure over a ten-day period. The spot taker CVD, which measures the 90-day cumulative difference between taker buy and sell volumes, indicated rising taker buy orders and aggressive demand alongside strong institutional demand.
The swing high established at $2,466 in April is currently being tested. Despite swift gains over the preceding week, a decisive breakout past this supply zone has not yet occurred. Market watchers note that a breakout past $2,500 would confirm a trend shift, whereas a rejection and a drop below $2,000 would indicate that the long-term trend remains unchanged.
