Cryptocurrencies continue to weaken with no signs of a rebound. Bitcoin fell below $ 67,900 from $ 2,240 last night, and briefly tested the $ 70,000 mark at 1 a.m. but failed to break through. It is currently trading at $ 69,042 .
Ethereum experienced a sharp drop yesterday afternoon at 3 PM, and then fell below the $ 2,000 mark last night. It reached a high of $ 2,048 this morning but failed to break through, currently trading at $ 2,026 . Compared to Bitcoin's purely sideways movement, Ethereum's sharp drop yesterday and its test of the $2,000 range both indicate significant upward resistance that it is unable to break through.
Is Ethereum facing further pullback? Heavy resistance looms overhead.
Glassnode's on-chain data reveals a disturbing reality—a large amount of ETH supply is concentrated above the current price, forming heavy "head resistance" and suggesting that upside potential may be extremely limited.
According to Glassnode's Cost Base Distribution (CBD) data, there are two large supply concentration zones above the current ETH price:
- $3,119 : Concentrates 6.15% of the ETH supply.
- $2,822 : Concentrates 5.86% of the ETH supply.
This means that many investors who bought ETH around these two price levels are currently at a loss. Once the price rebounds to these ranges, it will face strong selling pressure from those looking to break even, making a breakout extremely difficult.
Capital outflow from exchanges: Is it really a positive sign?
On-chain data does indeed show that Ethereum experienced its largest exchange withdrawal wave since October 2025, with a net outflow of over 220,000 ETH. Among them, Binance saw a single-day outflow of approximately 158,000 ETH, the largest since August of last year.
However, MNCapital founder Michaël van de Poppe points out that prices often lag behind the growth of network fundamentals and narratives. Stablecoin trading volume has surged by about 200% in the past 18 months, but the price of ETH has fallen by about 30%—this divergence may suggest the potential for future repricing, but the downward pressure from overhead resistance in the short term should not be ignored.
The $1,300-$2,000 range may become a long-term battleground.
Based on the above data, although ETH has support at demand levels such as $1,881 (a cluster of 1.58 million ETH) below $2,000, the heavy overhead resistance and liquidation pressure in the derivatives market make a significant rebound unlikely in the short term.
Investors should be prepared for ETH to consolidate in the $1,300 to $2,000 range for an extended period, especially before the macroeconomic environment shows clear signs of improvement.
*This article is for informational purposes only and does not constitute investment advice. The cryptocurrency market is highly volatile; please carefully assess the risks before investing.*
