Ethereum Eyes $1,800 Reload While Exchange Reserves Quietly Restock 🏦

Ethereum has rebounded from $1,500 and is pressing toward $1,800, a level that coincides with one of the network's largest cost basis clusters, where a high concentration of holders sit near breakeven. According to CryptoQuant data, Binance reserves have climbed to 3.893 million ETH, OKX continues to receive fresh inflows, and Bitfinex reserves have fallen from 2.7 million to 2.2 million ETH since earlier highs. The combination of rising Binance and OKX balances alongside declining Bitfinex balances has created a pattern in which accumulation persists while available sell-side liquidity also expands.

The $1,800 zone has functioned as a key supply barrier, with sellers who earlier defended higher prices still positioned there. Holders near breakeven have historically exited into strength, adding overhead supply at resistance. Unless fresh demand absorbs that supply and price recaptures $2,000, the pace of recovery risks slowing before profitability returns more broadly across the market.

Liquidations have underscored how contested the recent move has been. According to Coinglass data, liquidations exceeding $130 million over recent sessions reflect how sensitive positioning remains as buyers and sellers compete around key resistance levels.

Spot ETH ETFs have attracted just under $11 billion in net new capital, and whales and corporations have stepped up purchases in larger numbers. Staking now locks more than 30% of all ETH in existence, easing the initial supply pressure that could otherwise accompany newly unlocked ETH entering circulation. At the same time, both the Coinbase Premium and Spot CVD indicators remain muted, and recent SOPR readings indicate that investors have generally continued to exit positions at or slightly above breakeven. The combined picture leaves Ethereum's recovery dependent on stronger, more coordinated spot demand absorbing the supply currently queued on exchanges.