Blow for Ethereum – In the USA, the regulations is not not clear aboutEthereum. Indeed, the SEC (Security Exchange Commission) and the CFTC (Commodity Futures Trading Commission) fight to tidy up ETH asstock or commodity. As they struggle to agree, a alternative solution could emerge. THE ethereum price is moving around $1,800, and whales continue to dump ETH.
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Ethereum price climbs 0.8% in 24 hours
Buyers are struggling to establish themselves on the ethereum price. In effect, ETH is treading water for a week and climbed timidly by 0.8% in 24 hours.
The price shows a decrease over 3% in one month. However, ETH is in rise close to 13% in three months and of 48% in six months. The ETH/BTC pair is trying to start rising again. It displays a 4% increase in one month.
The whales continue to distribute Ethereum
Entities with more than 1,000 BTC are called whales. Here, we will focus on entities with more than 10,000 ETH in their portfolio.
Entities that have more than 10,000 ETH in their portfolio often have an interesting behavior relative to the price. In 2021, the whales have accumulated until August 2021the date on which they began to distribute to newcomers. Then, in end of year 2022the whales again started a accumulation phase. This did not last very long, as they began to part with the accumulated ETH as the price approached $2,000. Currentlythe whales continue to distribute if we look at the information provided by Glassnode.
Ethereum price moves in a tight range
Ethereum does not display more clear dynamics. The course is stuck within a range between $1,770 and $1,850.
Recently, the price rebounded at the level of the support located at $1,770. To regain bullish momentum in 4 hours, the price must close above the last peak brand at $1,875. A fence like this would break the resistance at $1,850 and return to the resistance level located at $1,930. Whatever happens, buyers should continue to defend the support at $1,770. THE ROI broke the bullish trendline. He would have to react quickly to prevent the buyers from losing the momentum.
While the whales had accumulated ethers (ETH) at the end of 2022, they changed behavior since the month of FEBRUARY. Therefore, the price is facing significant selling pressure. Buyers must defend the price to avoid another wave of decline. For this, the course must keep the support at $1,770 and break the resistance at $1,850. Thus, the price could resume a bullish momentum in the short term.
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