Ethereum continues to hover around the $1,870 mark, with price testing this level for six consecutive sessions. The 100-day simple moving average near $1,920 remains the critical upside confirmation, while the $1,850 support has contained recent dips, forming a narrow consolidation range.
Technical indicators show mixed signals. The daily RSI sits close to 52, indicating neutral momentum, and funding rates on Binance are near zero, showing no strong premium from either longs or shorts. However, the estimated leverage ratio remains elevated at around 0.65, suggesting a high degree of futures exposure relative to exchange reserves. This elevated leverage increases the risk of sharp liquidations once ETH breaks out of its range.
On-chain data provides a constructive backdrop: the exchange supply ratio has fallen to fresh cycle lows, implying investors are moving coins to cold storage, reducing immediate sell pressure. Despite this, the daily chart still shows a bearish structure with ETH trading below both the 100-day and 200-day moving averages. A confirmed close above the 100-day SMA could pressure short positions and open the door toward $1,990 and eventually $2,100. Conversely, a breakdown below $1,850 may trigger long liquidations, driving price toward $1,790 or even $1,730.
