ETH’s Path to $3,000 Blocked by Massive Sell Order

By: bitcoin ethereum news|2025/05/14 06:30:08

Ethereum surged nearly 40% last week, increasing from a low of $1808 on May 8 to $2600 on May 10 as risk appetite returned to digital assets and amid a major network update. According to market observers, Ethereum’s Pectra update, which went live on May 7, served as a catalyst for fresh interest in the world’s second-largest cryptocurrency. Pectra, which follows last year’s Dencun upgrade, increased staking limits and wallet usability. After surpassing $2,500 on May 10, the rally stalled, with Ethereum falling to a low of $2,407 on Monday. In a recent tweet, on-chain data analytics platform Glassnode shed light on Ethereum’s recent price action. According to Glassnode, Ethereum’s sharp move above $1,800 to above $2,500 was aided by the low supply concentration in that range. However, the rally stalled near $2,580, a massive sell wall holding nearly 1.3 million ETH. The advance into the sub-$2,500 zone was quick, aided by relatively little supply and low selling pressure. However, Ethereum’s momentum cooled significantly as the price approached the $2,580 level, where 1.3 million were previously held. You Might Also Like Glassnode revealed that as Ethereum neared this level, this supply began to decline, dropping to just one million ETH, a sign that many holders opted to exit their positions near their cost basis, cashing in on the recent rally. What’s next for ETH price? At press time, Ethereum was down 2.14% in the last 24 hours to $2,497, mirroring the profit-taking on the larger crypto market, which saw $606 million in liquidations in the same period. You Might Also Like Bulls are attempting to push the ETH price beyond $2,500, but bears have maintained the selling pressure. If the price falls below $2,435, Ethereum might drop to $2,320. If the price rebounds from $2,320, the bulls will try to restart the upward trend. Eyes will still be at the $2,580 resistance, as indicated by Glassnode, with one million ETH left there. The next resistance is at $2,850, but if that is overcome, ETH might reach $3,000. On the other hand, if the price falls and breaks below $2,320, it indicates that the bulls are taking profits. ETH may drop to $2,110, which is expected to serve as support. Source: https://u.today/eths-path-to-3000-blocked-by-massive-sell-order

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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