Ethereum’s price holds $1,600, but look out for THIS key update for a bigger rally!
The post Ethereum’s price holds $1,600, but look out for THIS key update for a bigger rally! appeared on BitcoinEthereumNews.com.
Over 6.28M ETH held between $2,295–$2,350 may stall Ethereum’s breakout unless bulls gain momentum Whale netflows fell by 49.74% in 7 days and fees dropped by 56.31% Ethereum [ETH], at press time, was continuing to wrestle with a critical supply wall near the $2,330 mark – A level that may determine the asset’s short-term trajectory. That’s not all though as right now, over 106 million ETH addresses might be out of the money, reflecting a heavily underwater market. More importantly, data showed that over 6.28 million ETH are held between $2,295 and $2,350 by 2.6 million addresses. Owing to these same, these addressed have formed one of the most significant resistance clusters on the network. Therefore, any move into this zone could face immediate selling pressure from break even-seeking holders. A breakout above this area would not only flip key resistance into support, but also signal renewed confidence among sidelined participants. Whales retreat as network activity slows down further Ethereum’s on-chain health painted a mixed picture though. Total fees dropped sharply, declining by 56.31% over the past week and 88.89% over the last 90 days. This steep drop alluded to weakening demand and subdued usage of the Ethereum network. Simultaneously, large holders have pulled back significantly as well, with whale netflows plunging by 49.74% in the last seven days and over 447.53% across the last month. This could mean hesitation among institutional players, reducing Ethereum’s breakout potential. Source: IntoTheBlock Although some ETH has been leaving centralized exchanges, the lack of active accumulation by whales limits upside pressure. Without renewed institutional conviction and a spike in fee activity, any rally attempt may face exhaustion. Price structure shows signs of life, but trend remains intact Ethereum has begun showing early signs of recovery after weeks of downward pressure, climbing by 3.62% in…
Filed under: News - @ April 22, 2025 1:26 am