Ethereum price is showing positive signs above the $2,620 zone. ETH is outshining Bitcoin and might start another increase in the near term.

• Ethereum is still showing positive signs above the $2,600 zone.
• The price is trading above $2,650 and the 100-hourly Simple Moving Average.
• There is a key contracting triangle forming with resistance at $2,700 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent upward move if it settles above $2,700 and $2,725.

Ethereum Price Remains Supported

Ethereum price attempted a fresh increase above the $2,750 level, beating Bitcoin. ETH broke the $2,780 resistance but it failed to clear the $2,850 resistance zone.

A high was formed at $2,847 and the price started a fresh decline. There was a move below the $2,700 and $2,650 support levels. A low was formed at $2,605 and the price is now consolidating gains. There was a move above the 23.6% Fib retracement level of the downward move from the $2,845 swing high to the $2,605 low.

Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,700 level. There is also a key contracting triangle forming with resistance at $2,700 on the hourly chart of ETH/USD.

The first major resistance is near the $2,725 level or the 50% Fib retracement level of the downward move from the $2,845 swing high to the $2,605 low. The main resistance is now forming near $2,750 or $2,755.

A clear move above the $2,755 resistance might send the price toward the $2,850 resistance. An upside break above the $2,850 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone or even $3,050 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $2,725 resistance, it could start another decline. Initial support on the downside is near the $2,660 level. The first major support sits near the $2,600 zone.

A clear move below the $2,600 support might push the price toward the $2,550 support. Any more losses might send the price toward the $2,500 support level in the near term. The next key support sits at $2,440.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,660

Major Resistance Level – $2,725

Galaxy’s Head of Research, Alex Thorn, has refuted claims that Murad Mahmudov, a meme coin analyst, sold his SPX6900 (SPX) tokens to them. 

Reports alleged that Murad conducted the sale through over-the-counter (OTC) transactions to bypass on-chain activity.

Did Murad Really Sell His SPX Tokens?

According to the rumors circulating on social media platform X (formerly Twitter), Murad offloaded $20 million worth of SPX tokens for $13 million. He bypassed on-chain transactions to avoid public scrutiny. 

Moreover, users noted that the situation extends beyond a simple token sale. The claims suggested that Galaxy acquired Murad’s seed phrase, granting them control over his wallets. 

“This isn’t just an OTC sale—it’s a full-scale, hidden liquidation,” one user wrote on X.

The rumors went further, alleging that Galaxy was liquidating Murad’s assets through private OTC deals while simultaneously hedging its position with short trades. These speculations were supposedly backed by leaked internal memos and chat logs from a Galaxy employee, purportedly confirming the private sale strategy.

However, Thorn was quick to shut down the rumors.

“This is fake,” Thorn stated.

In a statement on X, Thorn addressed the circulating photos, confirming they were forgeries. He pointed out that the ID badge featured in the images did not belong to him or his team and that the email groups shown were not legitimate distribution lists.

Thorn emphasized that the entire situation was a fabrication designed to mislead the public.

“This is truly false — you are being played by random meme coin scammers,” he added.

It’s important to note that Murad has been a vocal supporter of SPX, endorsing the meme coin multiple times in the past. His strong backing of the project made the recent claims all the more surprising. 

“SPX6900 will become the Biggest meme coin in World History,” Murad wrote in January.

However, his endorsements have also raised some eyebrows. Previously, Crypto sleuth ZachXBT’s investigation revealed that Murad used 11 separate wallets for his $24 million holdings, including SPX. His public promotions of the coin contributed to SPX’s value soaring and raised concerns about potential market manipulation.

Meanwhile, the rumors of Murad selling SPX had little impact on the token’s price. On the price front, SPX had already been struggling.

After a brief recovery last week, the token continued to depreciate. At the time of writing, it was trading at $0.61, down 8.1% over the past day. The token’s monthly losses stood at 56.1%, reflecting a bearish sentiment in the market.