Ethereum surged nearly 40% last week, up from $1,808 on May 8 to $2,600 on May 10th.
According to Market Observers, Ethereum's Pectra update, released on May 7th, served as a catalyst for new interest in the world's second largest cryptocurrency. Following last year's Dencun upgrade, Pektra has increased the limits of staking and ease of use of your wallet.
After surpassing $2,500 on May 10, the rally stagnated, with Ethereum falling to a low of $2,407 on Monday.
In a recent tweet, on-chain data analytics platform GlassNode sheds light on Ethereum's recent price action.
According to GlassNode, Ethereum's sharp movements above $1,800 and above $2,500 were supported by low supply concentrations in its range.
However, the rally has stagnated at nearly $2,580 and is a massive selling barrier that holds nearly 1.3 million ETH. The advance to the sub-$2,500 zone was quick with relatively low supply and low sales pressure. However, Ethereum's momentum has cooled considerably as prices approached the $2,580 level, where $1.3 million was held previously.
GlassNode revealed that this supply began to decline as Ethereum approached this level, falling to one million ETH, a sign that many holders chose to leave near the cost base and opted to cash out at recent rally.
What's next for ETH prices?
At the time of pressing, Ethereum fell 2.14% to $2,497 over the past 24 hours, reflecting profits in the large crypto market, which saw a $666 million liquidation in the same period.
The Bulls are trying to push ETH prices above $2,500, but the bears are maintaining sales pressure.
If the price falls below $2,435, Ethereum could drop to $2,320. If prices recover from $2,320, the Bulls will try to resume the upward trend. As shown in GlassNode, the eyes are still at $2,580 resistance, with one million ETH remaining there.
The next resistance is $2,850, but if it is overcome, the ETH could reach $3,000.
Meanwhile, if prices fall below $2,320, it shows the Bulls are profiting. ETH could drop to $2,110, which is expected to serve as support.
