Ethereum [ETH] was testing the $2,095–$2,138 Fibonacci golden zone at press time after a recent selling spree.
Rising whale supply on exchanges suggests profit-taking, but a sharp drop in withdrawals points to shifting holder behavior.
Price drifts into a technically critical zone
ETH’s recent pullback has brought its price into the $2,095–$2,138 range—a zone under market players’ radar in anticipation of potential reversals.
The zone aligns with the Fibonacci golden range, which tends to attract buyers when the broader structure remains intact.
The move into this range followed a normal curve and has not been abrupt. The price action reflects a controlled correction following earlier gains, which keeps the broader trend from turning outright bearish for now.
Exchange flows reveal mixed signals
Since the 5th of May, the share of supply sitting on exchanges has climbed noticeably. That shift typically indicates a profit-taking phase, as sellers lock in some profits, courtesy of the recent bearish push from $2400.
Most investors and institutional players are reducing their exposure as they await clear trend confirmations.
At the same time, the pace of withdrawals has dropped sharply over the past 24 hours. The number of withdrawal transactions from the exchange has crashed to its monthly low over the last 24 hours.
That change matters. The reduction in the number of token withdrawal transactions suggests that accumulation is not yet aggressive enough to offset the earlier inflows.
Taken together, the data reflect a transition phase rather than a clear directional bias.
Market structure enters a decision point
With price approaching the golden zone and exchange behavior showing mixed intent, ETH is entering a key moment. Sellers have already acted, as seen in the rising exchange balances, but a follow-through bearish run now looks less certain.
This leaves the market in a balanced state. Buyers are likely to step in around this zone, but conviction will need to show up in the form of renewed outflows and stronger spot demand.
The setup is forming, but confirmation is still missing. The $2,095–$2,138 range offers a logical area for a reaction, especially if broader sentiment begins to improve.
If buyers reclaim control and push the price away from this zone with strength, the current correction could resolve into a bullish continuation. If not, the lack of strong withdrawals may leave room for further downside before a clearer base is established.
Final Summary
- ETH is testing the $2,095–$2,138 Fibonacci golden zone after a controlled pullback.
- The network’s rising whale supply on exchanges signals profit-taking, while falling withdrawals reflect weak accumulation.
