ETH Price at Risk of Reversal as Resistance Looms and Open Interest Falls

Ethereum's price has recovered above $2,500 after a strong intraday expansion, but the broader setup remains vulnerable as price trades near resistance while open interest and trading volume begin to cool. According to Brave New Coin data, ETH price is around $2,522 with trading volume reaching roughly $23.97 billion over the previous 24 hours.

The recovery has improved short-term price action, but Ethereum's price remains close to an important resistance area around $2,550-$2,600. Without a clean breakout and sustained acceptance above this region, the latest move still looks vulnerable to another rotation lower.

A large exchange transfer by Wintermute has added another source of short-term selling risk, depositing approximately 61,847 ETH worth around $160.3 million into Binance and Coinbase. This could make it increasingly difficult for ETH to sustain another push through the $2,550-$2,600 region if demand continues weakening.

One bearish higher-timeframe interpretation sees Ethereum's current recovery as part of a much larger Wyckoff accumulation structure rather than the beginning of an immediate breakout. Under this scenario, the market is approaching the upper boundary of the accumulation range and could still experience another major shakeout.