Ethereum has seen some sideways this week, helping the altcoin get out of the downtrend for nearly three weeks. Despite facing bearish clues including whale sales, Ethereum prices were able to steadily hold.
This stability could raise expectations for future breakouts and set the stage for potentially rising.
Ethereum whales move to sale
The whale’s address shows bearish feelings at this point as several large holders begin to liquidate their positions.
In the last 48 hours, addresses with 1 million to 10 million ETHs have sold over 1.06 million ETHs worth around $2.57 billion.
Whale sales usually put downward pressure on prices, indicating potential weakness. However, in this case, Ethereum prices continue to be maintained, indicating the market resilience.
Looking at the momentum of Ethereum’s macros, the IOMAP (outside the money above the price) chart reveals the key demand zones for ETH. The zone has 65.83 million ETHs, worth more than $159 million.
These holdings were purchased between the $2,349 and $2,421 range, establishing a strong support area.
Many investors who have purchased ETH in this price range are unlikely to sell at break-even or loss, making it difficult for prices to fall below this important support.
This demand zone serves as a robust cushion in Ethereum prices and protects against sudden declines. Support from these investors provides the foundation for Ethereum prices to remain stable despite recent sales pressures.
As a result, the price is less likely to drop sharply to $2,344. This means a more important bearish trend.
ETH prices are integrated
Ethereum prices are currently trading at $2,424, at $2,424.
There was no major rise, but the sideways allowed ETH to break out of the three-week downtrend. This integration stage sets a potential upward momentum phase.
The aforementioned factors indicate that Ethereum continues to be integrated between $2,344 and $2,476 or could break through resistance.
If Ethereum successfully flips with $2,476, it could be a $2,606 increase. This could mark a big breakout and attract more buyers to the market.
Meanwhile, like last week’s sentiment, if the broader market conditions become very bearish, Ethereum prices could fall below $2,344 and fall to $2,205.
Below this support could invalidate the current bullish paper, indicating a further decline.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
