Ethereum Price Consolidates Near $2,700 as Investors Take Profits Ahead of US Data Releases
Ethereum's price has been consolidating near $2,700 as investors appear to be taking profits ahead of key US economic data releases. According to CryptoQuant, Ethereum exchange reserves have increased by roughly 125K ETH over the past four days, indicating rising profit-taking.
The inflows into US spot ETH exchange-traded funds (ETFs) have also been contracting, falling from $269.9 million a week ago to $17.1 million on Monday, according to SoSoValue data. This slowdown in ETF inflows suggests that investors are likely de-risking ahead of the upcoming US inflation and labor market data releases.
Lingering geopolitical pressure is also weighing on the market, with President Trump rejecting Iran's ceasefire proposal, causing the US 10Y Note Yield to continue soaring.
Ethereum has been sustaining a bullish near-term bias as it consolidates above all key Exponential Moving Averages (EMAs), while the 14-day Relative Strength Index (RSI) at 62 and Stochastic at 71 lean constructive. However, initial support is seen in the 2,612-2,626 area, where the 20-day EMA aligns with a horizontal level.