Ethereum (ETH) is once again testing the $2,600 resistance zone, but recent on-chain behavior suggests the rally may be facing short-term headwinds. Despite higher lows and a supportive technical structure, increased profit-taking and lack of aggressive buying have created a holding pattern near this key level.

Profit-Taking Increases Without Exchange Sell-Offs

One notable signal comes from the spike in “Daily Transaction Volume in Profit,” which has surged each time ETH nears $2,600. This indicates that many wallets are trimming positions at modest gains—but not panicking. Importantly, there’s no corresponding jump in exchange inflows, implying holders aren’t dumping into the market but rather managing risk conservatively.

Historically, similar spikes at $2,400 and $2,550 triggered temporary cool-downs. The same dynamic appears to be unfolding now: controlled exits, not widespread capitulation.

Whale Behavior and Flat Liquidity Signal Market Hesitation

Whale activity remains muted, with no major uptick in $100K or $1M+ transactions. This silence near a resistance level often precedes large directional moves. If whales re-enter after a confirmed breakout above $2,650, it could signal renewed institutional confidence and push ETH toward new local highs.

Meanwhile, the Chaikin Money Flow (CMF) rests just below neutral at -0.03, showing neither aggressive buying nor sustained selling pressure. This neutrality underscores the current technical-driven phase of the market, lacking the kind of liquidity surges that typically define breakout rallies.

Ethereum Structure Holds, But Conviction Is Lacking

ETH continues to respect its ascending channel since May, with the most recent bounce near $2,450 preserving its bullish trend. However, without a decisive breakout above $2,650—backed by volume and fresh inflows—the price action may remain sluggish and vulnerable to profit-driven dips.

Overall, Ethereum’s current posture is one of “compressed optimism”: rising lows, mild inflows, and cautious exits. A breakout with momentum could change that tone quickly, but until then, the market remains watchful and patient.

Meanwhile Pi Network Price Retreats Despite AI Initiative and Staking Rollout