ETHEREUM is traded with a little more important support level since December 2023, a price area that can determine its short -term direction. The bulls should keep this level to prevent further decreases and start the recovery stage, but the pressure pressure remains strong. Analysts are divided, as some expect the long bear market while others see the possibility of a recovery.
The encryption expert Ali Martinez shared Santiment data on xAnd revealed that the whales bought 190,000 last ETH in the past 24 hours. This adds to the broader direction of the accumulation that continued during the past month.
Historically, this whale activity indicates confidence from large investors, who often accumulate at reduced prices before resuming the upper direction. If this trend continues, Ethereum may be a strong gathering preparation.
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However, the difficult difficult momentum is still inaccurate. ETH needs to restore the main levels of more than $ 2,500 to confirm the reflection, and failure to do this may lead to more corrections. The market currently moves fear and uncertainty, but the constant accumulation of whale indicates that smart funds determine future gains. The coming days will be decisive in determining whether Ethereum can bounce or whether the downward trend will continue.
ETH Test Calmical Test in the long run
ETHEREUM is trading at $ 2220 after reaching its lowest level since late November 2023. The last sales process has pushed less than critical support areas, and fights bulls to regain control. The price is now about 200 weekly SIA moving average (EMA) by about $ 2,290 and average movement for 200 weeks (MA) by about $ 2480, indicating Haboodi expectations unless strong recovery is soon.
In order for Ethereum to restore momentum, the bulls must restore the level of $ 2500 in the coming days. The collapse beyond this level would refer to a renewed force, which may lead to a large recovery gathering where merchants regain confidence. However, the ETH is still under pressure, and the failure of the $ 2300 brand can confirm more declines. If this scenario is unfolded, Ethereum may face a deeper correction towards psychological support of $ 2000, or even less, depending on the market morale.
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With the market is still dominated by fear and uncertainty, merchants closely monitor the main technical levels. If ETH can stabilize higher than $ 2200 and pay higher, the relief collection can be on the horizon. Otherwise, Ethereum can remain besieged in the direction of long blogging, and the investor’s patience and market flexibility test. The next few days will be very important to make the ETH price.
Distinctive image from Dall-E, the tradingView graph
