The altcoin leader remains timid – While the bitcoin price attempts to retake the level at $29,000, theEther try to stay above $1,900. For several weeks, the leader of altcoins struggles to express itself, and so do altcoins. Whales continue to take profits on Ethereum?
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Ethereum price is in indecision
The cryptocurrency market is currently in a state of indecision. THE ethereum price stagnates in 24 hours and in 7 days.
There tendency primary remains bullish. The price shows an increase of 14% in three months and of 17% in six months. Against Bitcoin, Ether has also been stagnating for a few days. However, the pair ETH/BTC fall close to 3% in one month and close to 9% in three months. The effect shanghai update has it faded yet?
Whales shun Ethereum price
It is interesting to observe the behavior of entities having more than 10,000 ETH. Indeed, these entities are called “whales” and their wallets may have a price impact. While they were accumulating from November 2022 to the end of December 2022, the situation is now different.
Since the price started to rise again, the whales have changed behavior. They started to distribute since the beginning of 2023. Recently, the number of addresses with more than 10,000 ETH has dropped further. The distribution seems to continue. Ethereum price may struggle to recover above $2,000 if the trend continues.
Ethereum price could retrace to the resistance level at $2,000
For now, Ethereum maintains the level of support at $1,850.
The buyers have been defending the support at $1,770 and they appear to be defending the support at $1,850. The price is rebounding at the level of the institutional bias (EMA 9/EMA 18) bullish. He could join the last highest at $1,965even the resistance at $2,000. The bulls need to hold the support at $1,850 to avoid returning to the support level at $1,770.
The RSI regains momentum with bottoms and rising tops. Buyers have their hands on the momentum.
Bulls and bears neutralize each other on the ethereum price for several days. The course is in theindecision. In this context, the whales take the opportunity to continue to distribute. Buyers need to defend the support level at $1,850 in an attempt to get back above $2,000. Ethereum and the altcoins will they be able to find colors?
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