ETH Bulls Target $2.8K but Data Highlights Hurdles

After reaching a monthly high of $2,209 on Friday, Ether fell back below a key monthly resistance that has been tested five times since February. Onchain data highlights a large cluster of investors near $2,800, yet futures market data shows traders scaling back positions after this week’s rally.

Glassnode’s cost-basis distribution heatmap shows heavy accumulation near $2,800, where more than 3 million ETH were previously purchased. Those cost-basis clusters often act as magnets as investors defend entry levels or add exposure, and there is relatively limited historical supply between $2,200 and the $2,800 cluster.

The 200-day simple moving average also intersects near $2,800 on the daily chart. Derivatives data suggest traders remain cautious. Open interest rose 21% to $10.9 billion from $9 billion as the price pushed toward $2,200, but fell roughly 6% after the $2,200 test, indicating position closures.

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