Highlights of the storyAs the current trading settings continue to flicker with huge bullish signals, Ethereum prices seem to have implanted extreme bullish momentum.Verifiers continue to withdraw their holdings of assets, which may raise concerns about the upcoming rise in ETH prices
Highlights of the story
- As the current trading settings continue to flicker with huge bullish signals, Ethereum prices seem to have implanted extreme bullish momentum.
- Verifiers continue to withdraw their holdings of assets, which may raise concerns about the upcoming rise in ETH prices. Join us, JQCC349
Ethereum prices have rebounded from the threshold of $1900, which is necessary to maintain a healthy rise. Although bears attempted to push prices down in the short term, they failed to limit prices.
Excessive upward pressure has led to a large-scale breakthrough, with no possibility of beheading $2000 before the end of monthly trading.
But has the pace slowed down? Is the bear resurrected?
Due to the uncertainty of the next steps, there is significant uncertainty in the trading of Ethereum prices.
There is still a possibility of a bearish pullback, but considering the current trading pattern, bulls seem to have the upper hand and may maintain price levels until the end of the month.
Due to the price maintaining its trend within the upward triangle, a breakthrough may be imminent as it is moving towards the peak of consolidation.
RSI shows a bullish divergence, boosting prices back to key resistance levels. However, bears currently appear to be inactive, which in turn may contribute to a healthy rise.
What is worrying is the plummeting ADX, indicating that the strength of the rebound is weakening. Therefore, this may prove the possibility of the price facing another rejection of $2000 under the bullish influence.
In addition, the validators seem to have started withdrawing their ETH pledged on the ETH2.0Beacon chain, as this level has reached a four month low.
However, it cannot be stated that the validators are liquidating their assets, as no large-scale sell-offs have been recorded since then. But retail traders may still face pressure as the extracted ETH may be liquidated after the price reaches a certain threshold.
On the other hand, whales continue to accumulate a large amount of ETH, which sends a bullish signal for cryptocurrencies.
According to Santiment's data, whale and shark addresses have been increasing their holdings in ETH at a higher rate.
Over the past year, the number of Ethereum sharks and whales has increased. Compared to the number of addresses holding $1000 or more ETH, there has been an increase of 380 (an increase of 5.7%) compared to last year. A 34.8% decrease in prices has made accumulation easier
The level around $2000 may be important, but it may reach it in the short term, but the key level is around $2462, which may trigger a bullish trend in the future.
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