TLDR
- Whales have been on a shopping spree with a whopping $9.41 million in purchases outpacing $6.17 million in sales over the past day; meanwhile, a net influx of 88.89K ETH over the last week catches the eye.
- After skyrocketing volatility topped at a staggering 81.61%, it’s seen a gentle come-down to 15.47%, hinting that the market may be preparing to solidify its footing.
- Recently, ETH prices slid under a support level of $2,350, with present-day trades leaning bearish and gathering momentum around $2,220.
- The latest analyses suggest mounting selling pressure, with crucial supports at $2,120 and notable resistance forming at $2,260.
- Looking back, Ethereum has shown remarkable resilience, having previously soared by 157.49% from late '23 through to early '24.
In a detailed glimpse into Ethereum’s recent landscape, big players, seemingly unfazed by broad market tensions, are making bold moves. Key decentralized exchange stats reveal substantial ETH holding increases amidst priceresistance.
In the last 24 hours, whales have been splurging on decentralized platforms, with buy volumes hitting $9.41 million, considerably overshadowing $6.17 million in sell-offs—a testament to large investors' unwavering confidence amid market swings.
Zooming in on a six-hour window, whales continued their shopping, buying $1.73 million worth compared to selling $1.60 million. Smart money and small DEX traders also participated, albeit with slimmer margins.
The net inflow story dives deeper into whale conduct. While a 24-hour outflow suggested a loss of 6.53K ETH, the week showed a strong positive net with an influx of 88.89K ETH, and a steady 30-day count at 47.35K ETH, pointing to ongoing stockpiling by big players.
ETH's price paints a contrasting picture as it falls below critical support tiers of $2,350 and $2,320, plotting new local lows around $2,123, while trades continue below the crucial 100-hour Simple Moving Average.
Technical Analysis
A bearish trendline is evident upon technical inspection, with resistance high near $2,260. Prices now grapple with barriers around $2,220, while essential resistance builds at $2,350 and supports appear at $2,120 and $2,050. A more substantial fallback might hit $2,000 should things not buoy up.
Peeking at market volatility unveils yet another facet to this puzzle; volatility, once soaring at 81.61% in late February, has cooled down to 15.47% over 15 hours, mimicking patterns seen before prior rebounds.
Placing current trends beside past data gives us insight. The bull run from late 2023 saw ETH's meteoric rise of 157.49%. Today's price paths show echoes of that turn-around framework, specifically when eyeing key averages.
Focusing on smaller movers, Smart Money traders had $1.77 million in purchases against $1.96 million in sells. Meanwhile, Small DEX traders were more assertive with $3.21 million spent against $2.23 million offloaded.
With the MACD indicator presently shading into bearish territory and the RSI languishing under the 50 mark, the technicals lean towards a continuation of the selling stretch reflected in recent price behaviors.
Exchange flows reveal a multifaceted dance among diverse trader types. Despite whales maintaining steadfast acquisition, shorter-sighted traders exhibit more eclectic behavior, leading to mixed market signals.
Short-term price trajectories are strained, with ETH with trading activity falling beneath several technical markers. The 23.6% Fibonacci retracement of the last fall from $2,520 to $2,123 now stands as immediate resistance.
The current market posture hints at a phase of settling as prices explore every nook of support and resistance repeatedly. The $2,350 area flags a crucial pivot for trend flips.
Recent developments show the Ethereum Despite price chaos, the Ethereum network keeps its fundamentals unwavering. Usage metrics faithfully display resilience through market storms.
Recent stats spotlight ETH trading, huddled around the $2,220 level with technical signals still indicating lingering short-term pressures, even with whales on the prowl.
