ETH Price Consolidates With Growing Whale Accumulation
Ethereum (ETH) price is up 48.19% so far in 2024, but it lags behind Bitcoin’s 123% gain this year. Despite ETH’s strength, its recent uptrend appears to be losing steam as ADX indicates that the trend strength is waning.
Whales are accumulating more ETH, reaching their highest holdings since September. The key resistance level at $3,523 will be crucial in determining whether ETH can extend its rally towards $4,100 or face a pullback to test lower support.
ETH uptrend remains strong, but may be losing steam
Ethereum The Directional Movement Index (DMI) chart shows that its Average Directional Index (ADX) is currently at 27, down sharply from 46 two days ago. This decline indicates Ethereum Although prices are consolidating after rising 9% over the past three days, the recent uptrend is fading.
While ADX indicates weakening momentum, D+ (positive directional indicator) is at 21.1, which is still higher than D- (negative directional indicator) at 16, confirming that buying pressure still exceeds selling activity, but the intensity is weaker than before.
ADX is a widely used indicator that measures the strength of a trend on a scale from 0 to 100, without specifying its direction. Values above 25 indicate a strong trend, while values below 20 indicate a weak or non-existent trend.
Ethereum currently has an ADX of 27 and the uptrend remains moderately strong, but the decline in value highlights a pause in market consolidation momentum. This suggests that the price of ETH is stabilizing, potentially setting the stage for a continuation of the uptrend or a shift in sentiment if sellers gain traction.
Ethereum whales just hit highest levels since September
Have a population of at least 1,000 whales Ethereum Reaching its highest level since September, it currently stands at 5,631. This marks the beginning of a recovery from the 5,565 recorded on November 26, indicating increased interest and accumulation among large holders.
Increased whale activity indicates growing confidence among major investors, which is generally considered a bullish sign for Ethereum price action.
Tracking whale activity is crucial as these large holders can significantly influence market trends due to their large positions. An increase in whale addresses often indicates accumulation, which can support price stability or drive upward momentum.
have the largest number of Ethereum The number of whales has increased since September, and this accumulation may indicate that large investors are preparing for a potential price increase, suggesting bullish sentiment in the near term. This growing whale interest could set the stage for Ethereum price to remain strong or even rise further if the trend continues.
ETH Price Prediction: The Nearest Resistance Is Fundamentals
Ethereum’s resistance at $3,523 is a key level for its short-term price action. If this resistance is broken, Ethereum A test of $3,763 may follow.
If the bullish trend continues, Ethereum price It is likely to continue climbing towards $3,987 and may retest levels around $4,100, indicating that the strong upward momentum will continue.
On the other hand, if ETH fails to break above $3,523, the price may face a pullback to test the $3,256 support.
If this support does not hold, Ethereum price A further drop to $3,096 is likely, indicating increasing selling pressure.
Disclaimer
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