Ethereum whales have increased profit-taking activity following a price rally exceeding 20%, creating fresh selling pressure that is currently being tested against market demand. According to data from Lookonchain, a group known as 7 Siblings sold 14,000 ETH valued at $32.85 million at an average price of $2,346. Additionally, another large holder sold 11,252 stETH worth $26.5 million alongside 1,824 ETH worth $4.26 million. These transactions coincided with a sharp rise in price, prompting large holders to convert portions of their inventory into stablecoins.
Despite the distribution from whales, aggressive spot demand has acted as a primary counterweight. The 90-day Spot Taker CVD remained taker-buy dominant, indicating that buying activity outpaced selling activity in the market. Furthermore, CoinGlass data showed approximately $40.43 million in negative Spot Netflows, contributing to a decline in exchange-side availability as taker demand competed with circulating supply.
The market's supply and demand dynamics have converged around a significant resistance zone at $2,378. Ethereum previously rallied from a low of $1,945 to test this broken supply level, an area that previously capped price advances during April and May. Technical indicators reflect strong upward momentum, with the +DI at 51.69, the -DI at 7.17, and the ADX at 30.19.
Leveraged positioning has introduced additional liquidity factors around the current price structure. The 24-hour Liquidation Heatmap highlighted a major downside liquidity pocket in the $2,275 to $2,290 range, with a prominent concentration around $2,280. Conversely, upside liquidity clusters have formed between $2,380 and $2,400, just past the immediate resistance level.
A successful break above the $2,378 threshold could expose these upper liquidation levels and potentially clear a path toward a major resistance level at $2,795.75. Conversely, a rejection at this resistance could shift momentum downward toward $2,145 or lower support levels as buyers and sellers continue to vie for market direction.
