Ethereum Sees Strong Accumulation as Long-Term Holders Increase Positions
Ethereum Price Overview
- Ethereum is trading above $2,400 after recent volatility.
- The price stabilized despite intraday swings, reflecting a tension between bullish and cautious sentiment.
- Analysts anticipate a decisive move, with potential for either a breakout or correction based on key demand zones.
Market Sentiment and Accumulation
- ETH holds above short-term support, indicating buyer confidence.
- Macro sentiment around risk assets shows signs of recovery.
- Weakening volume and macroeconomic risks raise concerns over a potential retracement.
- Data from CryptoQuant indicates strong accumulation among long-term ETH holders.
- Recent buying pressure suggests foundational support remains intact.
Price Range and Resistance Levels
- Ethereum struggles to reclaim the $2,500 level while trading within a range of $2,200 to $2,800.
- This consolidation phase delays anticipated altseason events.
- Global markets display volatility due to interest rate shifts and geopolitical risks.
Technical Analysis
- Currently priced at $2,470, Ethereum has struggled to maintain gains above $2,500.
- $2,200 acts as strong support; $2,800 remains key resistance.
- Persistent selling pressure noted near the 100-period SMA at $2,537.
- Price is above the 200 SMA ($2,170) but under the 50 SMA ($2,507), indicating a critical decision point.
- A breakdown below $2,400 increases the risk of retesting the $2,200 support zone.