Ethereum struggles with resistance levels as ‘whales’ hold steadfast By Investing.com
[ad_1]
© Reuters.
, the second-largest cryptocurrency by market capitalization, has been grappling with resistance levels for over two months, yet large-scale investors, often referred to as ‘whales’, are demonstrating unwavering confidence. As of Wednesday, Ethereum’s trading price stands at $1,568, having recently rebounded from the support line at $1,533.
The digital currency has been unsuccessful in surpassing 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), which is currently hovering around the neutral 50.0 mark, indicates a potential rally that could trigger a bullish signal.
However, if Ethereum fails to confirm this bullish signal and loses its $1,533 support line, market analysts suggest its price could tumble below $1,500. Despite this looming threat of a price drop, data from blockchain analytics firm Santiment shows that Ethereum whales are poised to prevent such a decline.
These large-scale investors, who each hold over 1 million ETH, now control 32.3% of the total circulating supply. This level of concentration is unprecedented since July 2016.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
[ad_2]
Source link
© Reuters.
, the second-largest cryptocurrency by market capitalization, has been grappling with resistance levels for over two months, yet large-scale investors, often referred to as ‘whales’, are demonstrating unwavering confidence. As of Wednesday, Ethereum’s trading price stands at $1,568, having recently rebounded from the support line at $1,533.
The digital currency has been unsuccessful in surpassing 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), which is currently hovering around the neutral 50.0 mark, indicates a potential rally that could trigger a bullish signal.
However, if Ethereum fails to confirm this bullish signal and loses its $1,533 support line, market analysts suggest its price could tumble below $1,500. Despite this looming threat of a price drop, data from blockchain analytics firm Santiment shows that Ethereum whales are poised to prevent such a decline.
These large-scale investors, who each hold over 1 million ETH, now control 32.3% of the total circulating supply. This level of concentration is unprecedented since July 2016.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
About The Author
