Ethereum Struggles with Resistance Levels as ‘Whales’ Remain Confident
Ethereum’s Battle with Resistance
The second-largest cryptocurrency by market capitalization, Ethereum, has been facing challenges in breaking through resistance levels for over two months. However, despite this struggle, large-scale investors, often referred to as ‘whales’, continue to display unwavering confidence in the digital currency. Currently priced at $1,568, Ethereum recently rebounded from the support line at $1,533.
Unsuccessful Attempts to Surpass Resistance
Ethereum has been unable to surpass the 50 and 200-day Exponential Moving Averages (EMAs), a crucial step that could convert the resistance level of $1,686 into a support floor. The Relative Strength Index (RSI), currently hovering around the neutral 50.0 mark, indicates the potential for a rally that could trigger a bullish signal.
Threat of Price Drop
However, if Ethereum fails to confirm this bullish signal and loses its $1,533 support line, market analysts suggest that its price could plummet below $1,500. Despite this looming threat, data from blockchain analytics firm Santiment reveals that Ethereum whales are poised to prevent such a decline.
Whales’ Influence
These large-scale investors, each holding over 1 million ETH, currently control 32.3% of the total circulating supply. This level of concentration is unprecedented since July 2016.
As the battle between Ethereum and resistance levels continues, the confidence displayed by these influential investors provides hope for Ethereum’s future performance. While the technical indicators present mixed signals, the support from Ethereum whales adds stability and optimism to the cryptocurrency’s market.
