ETH price stuck in tight range amid low buy-side aggression | Credit: Derek Fenech
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Key Takeaways
Ethereum trades below its Realized Price of $1,972, signaling bearish on-chain sentiment.
The Taker Buy/Sell Ratio at 0.96 indicates sellers currently control the market.
The Supertrend indicator on the daily chart suggests ETH may face difficulty reclaiming $2,045.
Ethereum (ETH) flashed a bullish engulfing candle on April 23, fueling hopes of a breakout. However, weeks later, the price stagnates near the same range, failing to reclaim the key psychological level at $2,000.
A successful breakout above that barrier could have propelled ETH toward $2,500. However, with momentum stalling, this analysis unpacks the factors weighing Ethereum’s price and what could spark its next major move.
But besides low demand, one on-chain metric that has kept ETH below $2,000 is the Realized Price. The Ethereum Realized Price represents the average price at which all ETH in circulation last moved.
Think of it as the true on-chain cost basis of ETH, a psychological support. Typically, when the price is above the Realized Price, the trend is bullish unless in extremely overheated conditions.
A decline below the metric sometimes marks the bottom, but when it lingers, it indicates a bearish trend. According to Glassnode, Ethereum’s Realized Price is $1,972, which has exceeded the crypto’s market value since March 26.
Confirming upward momentum could become increasingly complex if ETH’s price remains below this threshold.
Another indicator reinforcing this price trend is the Taker Buy/Sell Ratio, which tracks the aggressiveness of buyers versus sellers in the derivatives market.
Spikes above a ratio of 1 indicate that buyers are more aggressive, suggesting potential price appreciation. On the other hand, a decline below 1 signifies that sellers are more assertive, and downward pressure could be next.
As of this writing, ETH’s Taker Buy/Sell Ratio stands at 0.96, indicating a dominant bearish sentiment. Ethereum’s price consolidation might extend this week and, if it continues, go beyond this trend.
Meanwhile, some analysts argue that Ethereum’s sideways movement is not necessarily bearish. For example, analyst Carmelo Alemán pointed to the Realized Price by Accumulating Addresses metric, noting that ETH accumulation has grown by 22.54% since March 10.
According to Alemán, this rising conviction among holders signals the potential for short-term price appreciation.
“Their On-Chain behavior reflects structural conviction and clear expectations of short-term appreciation—aligned with Ethereum’s broader evolution,” Alemán stated.
ETH Price Analysis: Resistance Close
Despite ETH’s sideways movement, it has been hitting higher lows and highs for the past few days. However, the Supertrend indicator reveals that it might struggle to keep up with this trend.
Typically, when the green line of the Supertrend is below the price, the trend is bullish. But in this case, the red line is above Ethereum’s price and also below the Realized Price, indicating strong overhead resistance.
Should this remain the same, Ethereum’s price might struggle to breach the 0.236 Fibonacci level at $2,045. In that case, ETH might keep consolidating between $1,700 and $1,900.
However, in a highly bearish case, ETH might drop to $1,408 if selling pressure increases. But if buying volume takes over, this decline might not happen.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
