Ethereum has approached a critical decision zone after the recent pullback. After the price was rejected from short-term resistance zones, it rebounded near $2,100, a key support and liquidity area. Market data revealed that Ethereum is currently trading at $2,130 and is showing signs of weakness in the short term.
Buyers Are Active at the Critical $2,100 Support
Ethereum recently entered a corrective trend, struggling to stay above the $2,300–2,350 zone. The price has now approached a clear demand zone near $2,100, where a strong buy wall is observed. This level has also served as support in the past and stands out as an important area where buyers are reactivated. If the price remains above this support, the market could head towards the $2,200–2,250 range for a recovery. However, if the support is broken, selling pressure may be directed to lower levels.
Short Term Support Test and Technical Structure
Technical indicators show that Ethereum is trading below short-term lower highs following the recent rejection. According to analyst Symba, the price is now approaching the horizontal support near $2,120. Below this level, a dynamic trend line rising around $2,000 stands out as a second support. If horizontal support is maintained, a short-term recovery may occur; Otherwise, a break of both the horizontal support and the ascending trend may cause the price to fall below the psychologically important $ 2,000 level.
Liquidity and Stablecoin Positions
Not only the price structure, but also on-chain liquidity trends shape Ethereum’s current position. According to the latest data, the top 100 USDC wallets on the Ethereum network currently hold a total of $32.7 billion worth of stablecoins, marking a peak. This shows that large investors continue to hold stablecoin liquidity in the Ethereum ecosystem. Such savings are often activated during periods of market stability or trend change.
On-Chain Data: Long-Term Accumulation Signal
On-chain data shared by analyst Ali Martinez reveals that Ethereum’s MVRV rate has fallen to the range of 0.8–1.0. This region has historically reflected periods of market accumulation and undervaluation. The charts show that in the past, entering this range has occurred before strong upward moves. Particularly in previous cycles, there were notable increases in prices following a similar MVRV squeeze. The current structure also presents a similar picture to previous market bottoms.
Structural Analysis from a Broader Perspective
According to Javon Marks’ analysis, the Ethereum market follows a recurring cycle of expansion, distribution and accumulation on long-term charts. Currently, the price is moving in a new accumulation range after the previous cycle top. In the past, the price has been seen to advance significantly after such periods, with increases of over 16,000 percent in the early cycles and over 4,200 percent in subsequent cycles. The possibility of a similar repetition of the current cycle is emphasized by experts.
According to these evaluations, it is stated that the market is still in the accumulation phase and a new intense upward movement may potentially come to the fore. The resulting charts strengthen expectations for price projections such as 5,000, 8,500 and 12,000 dollars in the long term.
With the latest developments, Ethereum’s $2,100 support stands out as a critical technical and psychological threshold. At the same time, on-chain data indicates that major players are strengthening their positions and market valuation has entered important territory. If this trend continues, a decisive recovery process may begin in the market.
