Ethereum price rose slightly by 1.26% to $2,654 during Friday’s trading session. The easing of the mid-week sell-off boosted Bitcoin’s price, allowing it to retake $60,000 while sparking a fresh rally in the altcoin market. The rising ETH price is heading towards the $2,750 resistance level, a critical area that could support a fresh recovery to continue the current pullback.
Ethereum Price Holds Key Support Amid Major ETH Shift to Exchanges
According to blockchain data from Arkham Intelligence, a Gnosis security proxy address associated with Metalpha recently transferred a large amount of 10,000 ETH worth $26.02 million to Binance.
During trading, Ethereum price was stable above $2,600 while the market cap was $315.5 billion.
Metalpla, the asset management company affiliated with the largest Bitcoin mining company Bitmain, had earlier applied to Lido for the exchange of 10,000 ETH. The transaction highlights Metalpha’s active role in managing large amounts of cryptocurrency assets, possibly in preparation for strategic financial operations within the market.
Ethereum price at a pivot point
Over the past two weeks, the cryptocurrency market has witnessed a relief rebound from the aggressive correction seen in July. The bullish turn has taken Ethereum prices from $2,111 to $2,620, a 24% increase.
The rise in price could challenge the downtrend line at $2,750, which previously served as a major support during the market consolidation. From March to early August, Ethereum price prediction showed sideways fluctuations between two parallel trends of the rectangle pattern.
A sideways trend with significant highs indicates a distribution phase—a phase in the market cycle in which large investors gradually sell their positions to retail investors.
Therefore, a retest of the $2,750-$2,775 region could ease the selling pressure and prolong the market decline. The recent death cross between the 50-day and 200-day moving averages supports the bearish outlook.
This possibility would see the asset plummet 19% to $2,127, while further declines could see it retest the $1,900 support level.
On the contrary, Ethereum has bounced above the 61.8% Fibonacci retracement level, which is generally considered a healthy pullback for buyers to regain bullish momentum. In addition, the ADX indicator is as high as 39%, highlighting an indirect rebound led by sellers, which usually attracts dip buyers in the market.
Therefore, a breakout above the overhead resistance would provide strong support and weaken the bearish argument. A rebound following the breakout could propel the asset by more than 20% towards the $3,400 target.
