Ethereum's Price Range Holds 7.9 Million ETH, Volatility at -0.37%

Ethereum (ETH) is currently trading within a tight range, oscillating between $1,540 and $1,630. This price action is not coincidental; it is occurring between two major supply zones. On-chain data reveals that over 7.9 million ETH were purchased within this price range, indicating a significant level of interest and activity from both buyers and sellers.

In the last 24 hours, ETH experienced minimal movement, with a change of just -0.37%, indicating extremely low volatility. However, such periods of compression often precede sharp breakouts. If Ethereum manages to break out of this current zone, it could result in a strong move in either direction. This setup is highly anticipated, with many traders and investors closely monitoring the situation to see which side will gain control.

Technically, ETH’s price action is currently trapped within a descending channel that has been in place since January 2025. This trendline has kept bullish momentum under pressure, turning back every attempt to rally. ETH is currently hovering around the channel’s midline, showing clear indecision. Unless the Ethereum price manages to break above the $1,630 resistance, the bearish pattern is likely to continue. If sellers take over, the next major support level sits around $1,475, near the channel’s lower boundary. This means that bulls have a lot to prove, and time may be running out.

The IOMAP (In/Out of the Money Around Price) chart provides additional context. It shows a solid support zone between $1,513 and $1,585, where 6.6 million ETH is currently held at a profit. However, there is also a heavy resistance zone between $1,585 and $1,630, with 7.91 million ETH held at a loss. This creates fluctuations, with buyers trying to defend their gains and sellers hoping to break even. These clusters suggest that the Ethereum price will need a strong catalyst to push past either side.

Whale activity provides a mixed picture. In the last 7 days, large holders increased their positions by 10.76%, indicating some quiet accumulation. However, over a 30-day period, netflows dropped sharply by 46.70%, suggesting prior distribution. The longer 90-day view shows a slight positive trend of +1.77%, but it is not strong enough to call it bullish just yet. Additionally, ETH’s burn rate, which plays a big role in its deflationary supply, has dropped. The 7-day average fell to just 27.08%, compared to the 90-day average of 42.38%, hinting at lower network activity and demand.

All signs suggest that the Ethereum price is preparing for a major move. However, the current structure still favors the bears unless bulls can step in with strong momentum. A breakout above $1,630 could pave the way for a rally toward $1,860 and beyond. On the flip side, a breakdown below $1,540 might open the doors for investor fear. Either way, traders and investors should stay alert, as ETH might not stay quiet for long.