Ethereum (ETH) is trading at $2,187, recovering inside a rising channel after pulling back from a March high near $2,393. Two on-chain signals and a clear technical resistance zone now frame exactly what bulls need to clear for a run toward $2,500. The exchange outflow picture is constructive. However, one valuation metric is flashing caution at the same time, and the chart has a specific price zone that has already rejected ETH once