Ethereum Swept the High – Is a $1,967 Retest Next for ETH?

Ethereum recently moved above its complete range Point of Control (POC) and briefly traded beyond the established range high. This action removed a large portion of visible buy-side liquidity, signaling potential volatility ahead. Analysts suggest such moves often precede deeper retracements as traders reassess momentum.

The price is now testing key resistance near $2,108 and the 20-day EMA. A successful retest of these levels could determine whether Ethereum continues its recent consolidation phase or begins a new bearish trend. Institutional players like BitMine have continued to build their holdings, indicating a cautious but optimistic stance on Ethereum's long-term value.

On-chain data reveals that short-term holders have matured into mid-term holders, with the 3- to 6-month supply rising by 5% over the past week. This shift suggests investors are waiting for clearer signals rather than exiting positions. Despite institutional buying, the price has not responded positively, highlighting the dominance of broader market dynamics.

Why Is a $1,967 Retest in Focus?

The fair value gap near $1,967 aligns with prior support and volume interest. A controlled pullback into this zone could test demand and rebalance inefficiencies left during the recent rally. Traders are watching for confirmation that Ethereum can stabilize above key support levels before attempting another push higher.

Ethereum faces key resistance at $2,107 and above, with the 20-week EMA and clustered horizontal levels defining a broader bearish structure. A bounce off the $1,741 support could trigger a retest of these levels, but a breakdown below $1,811 could push the price toward the $1,600 area.

How Are Institutional Players Responding?

FG Nexus has continued distributing its Ethereum holdings, selling 7,550 ETH in recent activity. This brings its total sales since last November to over 21,000 ETH. The company initially aimed to buy more ETH but shifted strategy to diversify operations, resulting in realized losses of $86.9 million.

BitMine has accumulated over 4.42 million ETH, despite Ethereum's prolonged decline. This behavior reflects institutional confidence in Ethereum's long-term value. However, the price has yet to respond meaningfully to such large purchases, remaining more sensitive to broader market cues than individual corporate actions.

What Are Analysts Monitoring Next?

The Ethereum Foundation has unveiled 'Strawmap,' a roadmap for Layer 1 upgrades through 2029. The plan includes incremental reductions in block slot times and the use of erasure coding to improve network efficiency. This roadmap is not a fixed schedule but a framework for developers to refine future upgrades.

Ethereum ETFs have seen inflows of $157 million recently, the highest since January 15. These inflows indicate a potential shift in sentiment, though retail distribution has ceased over the past two weeks. Wallet inflows are modest in accounts holding 100-1K and 1K-10K ETH.

Price momentum remains weak, with Ethereum trading below key EMAs and with the RSI below 30. This suggests a bearish backdrop with limited upward pressure. A breakdown below $1,811 could open the door for further declines to $1,600, reinforcing the broader bearish phase.