Key takeaways:
- ETH at $2,300 – consolidating near support, RSI at 40.34 below signal line at 47.03.
- Whale unrealized profit ratio: 10k-100k ETH cohort approaching zero from below.
- Whale crossing appears within $50-100 of current price.
- Historical pattern: whale cohort crossing to profit has marked every ETH rally start.
- Transition has not happened yet.
- Open interest: 14.66B.
- Each prior OI peak failed to produce a new price high.
The unrealized profit ratio for Ethereum wallets holding between 10,000 and 100,000 ETH, the medium whale cohort, is currently slightly below zero. These holders are in aggregate unrealized loss. Not deeply underwater. Not capitulating. Just barely on the wrong side of their average cost.


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