Ethereum Price Consolidates Between Key Supply Areas

Ethereum is trading in a narrow range between $1,540 and $1,630. This consolidation is not just a coincidence; it is taking place between two major supply zones, with on-chain data showing that over 7.9 million ETH have been purchased within this price range. With buyers and sellers facing off at these price levels, the price of Ethereum appears to be at a crossroads. Low volatility, but a big move may be coming soon. In the past 24 hours, ETH has only moved -0.37%, indicating extremely low volatility. But don't let the calm fool you, such periods of compression often precede strong breakouts. If Ethereum breaks out of the current zone, we could see a strong move in both directions. This is the kind of setup to wait for, with many people closely watching to see which side will take control. The technical structure remains pessimistic until now. The current price movement of ETH is still stuck in the downward channel that has existed since January 2025. This trend line has maintained an upward momentum under pressure, reversing any recovery attempts. Currently, ETH is fluctuating around the middle line of the channel, indicating clear hesitation. Unless the price of Ethereum breaks through the resistance level of $1,630, the bearish pattern is likely to continue. If sellers take over, the next key support level will be at $1,475, just near the lower boundary of the channel. In other words, the bulls have much to prove and time may be running out. On-chain data highlights strong support and resistance levels. The IOMAP chart ( In/Out of the Money Around Price ) provides us with more context. The chart shows that there is a strong support zone between $1.513 and $1.585, where 6.6 million ETH are currently in profit. However, there is also a strong resistance zone between $1.585 and $1.630, with 7.91 million ETH currently at a loss. This creates volatility, with buyers trying to protect their profits and sellers hoping to break even. These clusters indicate that the price of Ethereum will need a strong catalyst to overcome both sides. Whale activity and burn rate: Mixed signals for ETH The movements of whales give us a mixed picture. Over the past 7 days, large holders have increased their positions by 10.76%, indicating signs of some quiet accumulation. However, over the 30-day period, the net cash flow has decreased sharply by 46.70%, indicating prior distribution. The longer-term view over 90 days shows a slight positive trend of +1.77%, but it is still not strong enough to be called bullish. Moreover, the ETH burn rate, which plays a significant role in its deflationary supply, has decreased. The 7-day average has dropped to just 27.08%, compared to the 90-day average of 42.38%, indicating lower network activity and demand. The price of Ethereum is at a critical moment. All signs indicate that the price of Ethereum is preparing for a big move. However, the current structure still favors the bears unless the bulls can step in with strong momentum. A breakout above $1,630 could pave the way for a rally to $1,860 and beyond. On the other hand, a breakdown below $1,540 could open the door to investors' fears. Either way, traders and investors should be cautious, as ETH may not remain quiet for long.