Ethereum Price Trapped Near $2,485 as Supply Backdrop Favors Sellers

Ethereum's price has held steady near $2,485 for two weeks, stuck within a narrow 5% range of $2,391 to $2,514. The supply backdrop appears firmer due to exchange withdrawals and staking, but spot demand remains unconfirmed.

According to CryptoQuant analysis, the four-hour simple moving averages are clustered near $2,465 and $2,466, just below the market price. However, the Relative Strength Index (RSI) shows balanced momentum rather than a strong directional bias.

The report also notes that Binance has seen an average of $46.5 million in daily stablecoin net inflows over the past week, which is 1,422% above the 30-day baseline and 581% above the quarterly average. While this favors the supply side, it does not establish demand.

Whale realized prices show that large holders are currently in profit relative to their estimated cost bases of $2,300, $2,200, and $2,100 for different cohorts. However, spot buyers have yet to validate the supply shift.