Ethereum remains range-bound as traders watch for a decisive breakout or breakdown. Meanwhile, Abraxas Capital has added spot ETH while maintaining a much larger short position, highlighting a hedging strategy designed to manage risk amid uncertain market direction.
As of now, according to CoinMarketCap data, Ethereum is trading at $2,472.35, with a decrease of 0.43% over the past 24 hours and an increase of 3.64% over the past week.
ETH Price Eyes $3,000 as ETH Holds Key $2,360–$2,530 Range
According to a prominent crypto analyst, Crypto Patel, Ethereum is currently moving sideways within a clearly defined range after its recent sharp upward move. The price is holding between $2,360 and $2,530, with traders closely watching both boundaries for the next major direction.
The $2,520–$2,530 zone remains a strong resistance area, as ETH has tested the upper boundary several times without achieving a sustained breakout. Repeated rejection near this region suggests sellers are actively defending the level and preventing buyers from gaining full control.
A strong 2-hour close above $2,530 could give Ethereum’s bulls the upper hand and signal a breakout. If buyers manage to keep the momentum going, ETH could push higher toward the $3,000 mark, making a move above this resistance an important step for the next rally.
On the downside, $2,360–$2,370 is the key support region. A clear break below $2,370 would weaken the range setup and raise the risk of a deeper decline toward $2,000. At present, ETH remains range-bound, with confirmation above resistance or below support likely to determine its next major move.
Abraxas Capital Buys $32M in Ethereum While Holding $353M Short
The data from Lookonchain indicates that Abraxas Capital has purchased an additional 13,000 ETH worth approximately $32.39 million while maintaining a much larger short position of 141,180 ETH valued at around $353.27 million on Hyperliquid. The latest spot purchase appears to be part of the firm’s strategy to hedge its substantial short exposure.
The additional ETH could help protect the firm if Ethereum records a sharp price increase. Should ETH climb, gains from the spot holdings may help offset some of the losses generated by the short position, allowing Abraxas Capital to keep its broader market exposure more balanced.
The move also highlights the contrast between the firm’s spot and derivatives positions. Instead of taking a purely bullish or bearish stance on Ethereum, Abraxas Capital is using positions on both sides of the market, suggesting that risk management remains a key part of its current trading strategy.
If Ethereum moves higher, the newly acquired spot ETH could provide a cushion against the short. On the other hand, a decline in ETH would generally benefit the 141,180-ETH short position, while the spot holdings would lose value.
