ETH stagnates, SHIB rebounds. While the course ofEthereum stagnates around $1,850 since several weeks, Shiba Inu (SHIB) posts an increase of almost 18% in one week. There volatility on cryptocurrencies is at the lowest, and Ethereum is no exception to this trend. Buyers and sellers are neutralizing below the psychological round number at $2,000.
Ethereum price stagnates in 24 hours
As explained in the introduction to this article, Ethereum is stagnating around $1,850. THE ethereum price stalled for a week.
In one month, the price shows a down nearly 2%. However, in six months, the price shows a 20% increase. The ETH/BTC pair stalled for a weekand she is in 2.4% increase in one month.
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Whales continue to distribute Ethereum around $1,850
On-chain analysis helps to understand the behavior of operators with important portfolios. These addresses are capable of having a impact real on the cryptocurrency prices. Here, we will be interested in entities having more than 10,000 ETHalso called whales.
According to data from the Glassnode site, the whales have accumulated at the end of 2022 when Ethereum price was below $1,300. The whales’ behavior changed when the price approached $2,000. Since then, the whales distribute their precious ETH, and the trend does not seem to be about to change. Are these extremely wealthy whales waiting for a drop in the price of ETH to start accumulating again?
Towards a rejection at the resistance level at $1,850 for the price of Ethereum?
Ethereum is once again touching resistance at $1,850. A rejection could set in here, and the price could move back to the next support level at $1,770.
In the event of rejection, buyers will have to defend the last trough marked around $1,800. Indeed, a close below this level would generate a continuation at the level of the bearish momentum. To get back up in 4h, the buyers will have to retake the zone at $1,850 as support, and the price will have to close above the last high at $1,875. The momentum is in the hands of short-term buyers. The RSI should continue to show bottoms and rising tops.
The course ofEthereum is coming under pressure important salesperson. Indeed, the whales continue to sell their ETH. Despite everything, for the moment, the price is holding up and stagnating around $1,850. Can the price continue to absorb these sales? It will need to retake the area at $1,850 as support to avoid another wave of declines.
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