Ethereum Tests $2,500 With Spot Buying Pressure Rising

Ethereum (ETH) is testing resistance near $2,500 after rebounding from an accumulation zone, while falling exchange reserves and stronger spot buying point to continued demand.

Key Points:

• ETH has returned to Apr.'s $2,466 swing high, but price has not confirmed a breakout above the broader $2,400-$2,500 supply zone.
• Exchange reserves are falling, and spot taker buying has strengthened during the past 10 days.
• A move above $2,500 would signal a trend shift, while a rejection followed by a drop below $2,000 would leave the longer-term trend unresolved.

Ethereum Resistance Test

Ethereum has pushed higher from a major accumulation area as exchange reserves continued to fall, a pattern the report linked to ongoing accumulation. The move has not cleared resistance.

The Coinbase Premium Index remained close to zero without turning positive, showing U.S.-based demand was still weaker than demand on Binance despite Ethereum trading again in the $2,200-$2,400 area.

The last sustained positive Coinbase Premium reading came in Oct., while strongly positive readings also accompanied the Jun.-Jul. 2025 Ethereum rally. The current signal remains weaker.

ETH Demand Signals

Alphractal said Ethereum's investor price, the average acquisition price of ETH held by economically active investors, was around $1,700. That level was tested in Jun.