You Won’t Believe Why Ethereum’s Ball Is Stuck at $2,580—Traders Spilling the Tea!

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It is a truth universally acknowledged, that an Ethereum in possession of a fine rally, must be in want of a pause. Such is the present situation; after a most remarkable reversal—dare I say, of almost Darcy-esque proportions—Ethereum’s prior enthusiasm now appears to be tempered, not by sentimentality, but by that most human of inclinations: profit-taking. Really, who could blame them? 💰

At the latest reckoning, our dear Ethereum is trading at $2,438, a modest decline of 3.5% in the space of twenty-four hours—a rather dampening after rallying with all the animation of Lydia Bennet at a dance! The price soared from $1,800 to $2,500, sending many a trader into fits of excitement. Yet, just as Mr. Collins finds himself unexpectedly rebuffed, so too has Ethereum’s momentum met an obstacle, as open interest has fallen by 2%. The picnic is postponed; the leveraged ladies and gentlemen have taken their bonnets and gone home, according to the ever-vigilant Coinglass.

Glassnode, our modern-day Mrs. Bennet with her penchant for news, observed with delight (on the 13th of May, no less) that the path between $1,800 and $2,500 was surprisingly clear of resistance. However, the festivities paused rather abruptly near $2,580—a level where over a million and a quarter ETH had once gathered, hoping for better days. Yet, as the price encroached upon this cherished spot, supply dwindled to a mere one million. It seems many holders, ever practical, gracefully exited at their break-even—no sense in overstaying the ball, after all. 🕺

Indeed, Ethereum’s sprightly leap above $1,800 to $2,500 was due to the lack of competition along the dance floor. When the crowd grew thick near $2,580 (with around 1.3M ETH tripping the light fantastic), supply charmingly dropped to 1M, as holders tactfully took their leave…

— glassnode (@glassnode) May 12, 2025

Now, do recall, dear reader, that this rally was not driven by the blustery bravado of borrowed coin, but by the simple, steadfast affections of spot demand. ShayanMarkets, a regular Mr. Darcy of on-chain observations, declared on May 12 that funding rates were as flat as Mr. Collins’s attempts at poetry. This confirms our suspicions: buyers were most decidedly spot-on with their ardour, not relying on the treachery of leverage.

Such behaviour might generally be lauded as prudent—less risk of the whole affair descending into embarrassing liquidation, à la a village scandal. Yet should our traders wish for the happy continuation of this upward trajectory, it would be sensible for funding rates to rise ever so slightly, to indicate the futures crowd is also heartily engaged.

Yet let us not be carried away just yet—the technical charts, foreboding as Lady Catherine de Bourgh, are hinting at exhaustion. The daily relative strength index now hovers at a rather forward 75, clearly in the “overbought” zone—even Lydia would know to refrain at this point. A pause—or worse, a withdrawal—could be imminent. 😳

Despite this, the moving averages present a more amiable countenance: Ethereum remains elevated above the 10-, 20-, 30-, 50-, and 100-day averages—quite the parade, do you not think? Even the MACD, at a robust 187.5, suggests the upward waltz may continue just a little longer. Some might say Ethereum is the belle of the crypto-ball, at least for now.

Resistance is making a polite stand at $2,474. Shall our heroine break through, inviting yet greater gains? Or shall she retreat in disappointment to the security of $2,200, sighing for what might have been, should $2,400 not hold?

In short, the coming days promise either triumph above $2,580 or the more sobering reality of a deeper correction. As is often the case in society, everyone is watching for the next twist—fortunes, after all, can change with the turn of a card or the tick of a candlestick. 💃

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2025-05-13 10:27