Ethereum has been grinding against the $2.1K level for weeks, and the pattern is hard to ignore. Every approach, every attempted breakout - same result, a rejection.

The amount of Ethereum sitting on exchanges just hit a multi-year low. At 12% of total supply, ETH is being steadily pulled off trading platforms and into self-custody wallets, staking contracts, and cold storage.

Ethereum doesn't get second chances at levels like this. Right now, ETH is pressing against the most significant trendline of this entire market cycle - the ascending support structure that has, so far, defined every meaningful higher low since the last bear market.

Ethereum is regaining strength, with several prominent market analysts arguing that the asset may be significantly undervalued despite improving technical conditions.

Ethereum is entering a decisive phase as on-chain data and chart structure begin telling two very different stories.