Are Ethereum traders on edge? Yes, but look out for THIS key level!

Whale accumulation has slowed down as leverage rose, signaling high-risk positioning before a breakoutEthereum burn rate dropped sharply too, weakening the network’s deflationary supportEthereum [ETH], at the time of writing, seemed to be consolidating within a critical range, trading between two significant supply zones of $1,540 and $1,630. In fact, on-chain data revealed that over 7.9 million ETH held by addresses were bought within this price range, forming a high-stakes battlefield for bulls and bears.The last 24 hours saw minimal volatility on the altcoin’s charts, with ETH down by just 0.37%. This tight compression suggested that a decisive breakout in either direction could define the next leg of its trend trajectory.For Ethereum, the IOMAP chart highlighted robust support between $1,513 and $1,585, where 6.6 million ETH is held “in the money.” On the contrary, resistance might be building between $1,585 and $1,630, with 3.37 million addresses holding 7.91 million ETH at a loss...