The price of ether (ETH) hit a weekly high of $2,150 on Thursday, a key level for gigantic ETH holders, but volatility in cryptocurrency and stock markets continues to catalyze corrections below $2,000.

A daily close above $2,100 remains significant as this level is consistent with the portfolios’ cost basis and realized price holding 100,000 or more ETH. Realized Price tracks the last moved coin price, offering a profitability indicator rather than a benchmark.

Since 2020, Ether has traded below the realized price of this cohort of whales only a handful of times, most notably during the 2022 bear market. The chart shows that the price has consistently recovered after the realized price level was tested as support.

Dom futures market analyst described setup as a “good, clean look for the overall market,” pointing to early-week growth near range lows. The house said the price had reached the monthly trailing VWAP (volume-weighted average price) and value area, the upper end of the price range that saw the most trading volume over the past month.

VWAP measures the volume-weighted average trading price. Taking above $2,140 could indicate a change in short-term order flow, while failure to sustain a higher level keeps the price within the established range.

Related: Longest Ether Drop Since 2022 Ignored by Whales: What’s Next for ETH?

The key price level to watch remains $1,800

CoinGlass data highlighted miniature liquidations of over $220 million in the last two days, removing leverage. Currently, the cumulative long liquidation exposure of approximately $2.66 billion is close to $1,800, creating a pocket of below-price liquidity.

Crypto analyst Pelin Ay pointed to a noticeable change in funding rates on Binance. The value of ETH funding dropped sharply earlier this month as aggressive miniature positions piled up as Ether prices fell. After Tuesday’s drop below $1,800, the funding rate returned to positive 0.23%, meaning shorts were forced out of their positions.

However, with the increased funding rate, investors’ position seems to be tilting towards the long side. If this trade becomes oversubscribed, it increases the risk of a potential long squeeze near the $1,800 level, especially if price momentum stalls or reverses.

IncomeSharks market analyst identified three technical headwinds, including repeated supertrend rejections and channel resistance near $2,250.

SuperTrend uses volatility measured by the average true range (ATR) to determine the direction of the trend. When the price is below the indicator, the line turns red and acts as vigorous resistance. In the chart above, each bounce has been rejected in the red bar, signaling that sellers remain in control.

The analyst added that investors should watch to see if Ether returns or finds renewed buying interest near April lows around $1,500, a level that falls between the weekly demand zone of $1,691 and $1,384, before any sustained move above $2,500 can take shape.

Related: Ethereum recovers 2 thousand dollars as a surge in volatility supports a rebound in ETH prices