The post Are Ethereum traders on edge? Yes, but look out for THIS key level! appeared on BitcoinEthereumNews.com.

Whale accumulation has slowed down as leverage rose, signaling high-risk positioning before a breakout Ethereum burn rate dropped sharply too, weakening the network’s deflationary support Ethereum [ETH], at the time of writing, seemed to be consolidating within a critical range, trading between two significant supply zones of $1,540 and $1,630. In fact, on-chain data revealed that over 7.9 million ETH held by addresses were bought within this price range, forming a high-stakes battlefield for bulls and bears.  The last 24 hours saw minimal volatility on the altcoin’s charts, with ETH down by just 0.37%. This tight compression suggested that a decisive breakout in either direction could define the next leg of its trend trajectory. For Ethereum, the IOMAP chart highlighted robust support between $1,513 and $1,585, where 6.6 million ETH is held “in the money.” On the contrary, resistance might be building between $1,585 and $1,630, with 3.37 million addresses holding 7.91 million ETH at a loss.  These clusters clearly seemed to underline where most market participants may be positioned, creating strong zones that ETH must overcome to move meaningfully. Source: IntoTheBlock Will the downtrend prevail as ETH tests mid-channel? A closer look at the technical structure revealed that ETH is still trading within a broad descending channel stretching back to January 2025. This downtrend has consistently suppressed bullish momentum, pushing ETH lower each time it touches the upper resistance band.  Lately, the price action has been flirting with the channel’s midline, showing hesitation from both bulls and bears. Unless buyers break above $1,630, the bearish structure will remain intact. The lower boundary of the channel aligned closely with the $1,475 support zone too.  If this bearish narrative gains momentum, this level could act as the next critical downside target. To put it simply, this price structure reinforces the significance…

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Filed under: News - @ April 19, 2025 5:06 am