Ethereum Trading Near $2,600 as Whales Begin Accumulating
Ethereum is currently priced around $2,600, maintaining a six-week upward trend that began in late April. Technical analyst Kevin emphasizes a structural shift on Ethereum charts, suggesting significant changes are underway.
Key Insights
- Monthly ETH-USD chart indicates a long-range trading pattern since April 2021, with potential for expansion following a recent price reversal from $1,400.
- A "massive demand candle" has appeared twice before after major corrections, leading to sustained price increases.
- The monthly stochastic RSI is set for a "V-shaped cross," similar to the 2020 macro bottom.
- MACD histogram shows compression into a symmetrical triangle, indicating potential volatility ahead.
- On-chain money flow readings are at historic lows but are starting to reverse, suggesting accumulation by large holders.
- Ethereum dominance metrics show a first green print in over a year, signaling potential market-wide effects.
- A Market Cipher buy signal and rising VWAP suggest increased buying interest among whales.
- The ETH/BTC ratio has reached the 0.5 Fibonacci retracement level with positive indicators emerging.
- Macro conditions appear supportive, with potential for loose policy guidance aiding Ethereum's performance.
- A breakout in Ethereum may trigger broader altcoin outperformance, indicating a shift in risk capital across the market.
- Resistance remains near $2,800–3,000, but monthly signals suggest a likely breach of this ceiling in the future.
At press time, ETH is trading at $2,607.
