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Ethereum Surges to $2,400: Rally Intact or Bull Trap as Retail Dumps 1,791 ETH?
Ethereum (ETH) has helped power the latest crypto-market upswing, climbing to around $2,400 this week. While sentiment is split, on-chain and derivatives data point to strengthening momentum, with whales accumulating even as smaller traders take profits. Spot Ether ETF inflows have also picked up again.
Santiment said retail wallets holding 0.01 ETH or less sold a net 1,791 ETH—about $4.16 million—over the past two days. The move followed a roughly 17% advance in ETH, with some retail participants treating the post-March 29 rally as a potential bull trap. Santiment added that similar retail selling has historically coincided with continued upside, noting markets often move against prevailing retail positioning.
Large holders moved the other way. Santiment reported the number of wallets holding at least 100,000 ETH rose to 57 from 54 over the past week, a pattern the firm says has tended to align with periods of Ethereum price strength.
ETH has also been outperforming Bitcoin. Santiment said Ethereum reached as high as $2,391, with its relative dominance versus Bitcoin hitting the highest level since late January. Funding-rate data across exchanges is also reflecting a more bullish tilt.
Analyst Michael van de Poppe said Ethereum's momentum looks stronger than Bitcoin's, adding that the ETH/BTC pair has been in a bullish trend since April 2025 after bottoming earlier this year.
Technically, analyst Ted Pillows said ETH was rejected at the $2,400 resistance level, framing it as a sign of near-term weakness. He identified the next key support area at $2,150 to $2,200; a break below that zone could open the door to $2,000 and potentially lower.
At the same time, market analyst Crypto Patel argued Ethereum is trading in a historically undervalued band on the Rainbow Chart, a range it has entered only twice before. Patel noted those prior instances were followed by strong rallies that moved into higher-profit zones in about 18 months, highlighting $1,500 to $2,000 as a critical area that could serve as an accumulation zone.
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