Ethereum trades in narrow range amid institutional activity

Ethereum (ETH) has been trading within a narrow range, largely hovering between $2,450 and $2,550. The asset has faced resistance near the $2,500 psychological level, influenced by market uncertainty regarding Federal Reserve interest rate decisions following stronger-than-expected U.S. employment data.

Institutional activity shows mixed but significant movement. Bitmine Immersion Technologies has increased its holdings to approximately 4.9% of the total ETH supply, adding over 28,000 ETH in a single week. Conversely, Abraxas Capital has been managing risk by purchasing $32 million worth of ETH to hedge against its $353 million in short positions on Hyperliquid.

On-chain data indicates a reduction in exchange balances, with over 116,000 ETH leaving exchanges in a 48-hour period. Analysts suggest that while the price is currently in a transition phase, a sustained move above $2,560 could shift focus toward the $2,722 area, whereas a drop below $2,455 could signal a deeper correction.