Ethereum’s support level is strong, with over 3 million addresses owning 6.12 million ETH between $1,886 and $1,944. Whale accumulation has surged recently, acquiring nearly 470,000 ETH, indicating optimism at current price levels.

Despite a gain of 4.23% bringing ETH to around $2,090, resistance at $2,250 poses a challenge for momentum. Recent on-chain data shows improved investor sentiment, with decreasing selling pressure, but caution remains pervasive among traders.