Ethereum Price Stuck Near $2,000 as Holder Exodus Slows Recovery

Ethereum is trading near $2,000 and has struggled to build sustained upside. The asset was at $1,970 at the time of writing and remains above $1,902 support but below $2,051 resistance. On-chain metrics point to realized losses saturating. The Spent Output Profit Ratio (SOPR) slid to 0.92, the deepest level since April 2025; a reading below 1 means investors are selling at a loss.

Historically, extreme SOPR lows have preceded reversals as selling at a loss tends to saturate and holders shift to accumulating. At the same time, new network participation has dipped sharply. New Ethereum addresses fell 34% over the past 48 hours, dropping from 336,000 to 221,000 and reaching an eight-week low.

Reduced onboarding can limit fresh capital inflows and may restrain short-term price gains despite easing selling pressure. Technically, ETH appears stuck between $1,902 and $2,241, with repeated rejection likely near the $2,051 23.6% Fibonacci retracement.

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