The post Whales Optimistic About the Ethereum Price Rally; ETH Price Preparing for a 20% Upswing! appeared first on Coinpedia Fintech News
Ethereum price bounces off the $1900 threshold that was mandatory to maintain a healthy upswing. Although the bears tried to push the price below in the short term, they failed to restrict the price.
An excessive upward pressure resulted in a massive breakout that noe decapitates the possibility of clinching $2000 before the end of the monthly trade.
But has the pace lowered? Is the bear reactivated?
The ETH price is trading carrying huge uncertainty as the next course of action remains unclear.
There is still a chance of a bearish pullback but considering the current trade set-up, the bulls appear to have an upper hand that may keep up the price levels until the end of the month.
As the price maintained its trend within an ascending triangle, a breakout could be imminent as it is heading towards the apex of the consolidation.
The RSI has displayed a bullish divergence that lifted the price to surge back towards the crucial resistance. However, the bears currently appear to be inactive which may in turn assist in a healthy upswing.
The concern lies within the ADX which is plunging, indicating that the strength of the rally is weakening. Hence, this may certify the possibility of the price facing another rejection from $2000 but under the bullish influence.
Besides, the validators appear to have begun to withdraw their staked ETH on the ETH 2.0 Beacon chain as the levels have reached a 4-month low.
However, it cannot be illustrated that the validators are liquidating their assets, as no mass sell-off has been recorded since then. But retail traders may remain under pressure as the withdrawn ETH may get liquidated after the price reaches a certain threshold.
On the other hand, the whales continue to accumulate massive amounts of ETH, which flashes bullish signals for the crypto.
As per the data from Santiment, the whale and shark addresses have been accumulating ETH at a higher pace.
“Ethereum sharks & whales have grown in number this past year. Comparing the number of addresses holding 1K or more $ETH, there are 380 more than currently exist compared to last year (a 5.7% rise). Prices are down 34.8% making accumulation easier,”
The levels around $2000 may be important but may be achieved in a short while, but the crucial levels lie around $2462, which may kick off a bullish trend ahead.
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