Ethereum is trading around $1,800, inching towards a breakout above $1,820. In just a week, whale holdings surged by 2,682% and ETH-backed ETFs saw $157.09 million in inflows, suggesting growing institutional interest. Technical indicators are favourable, but the price could swing between $2,027 and $1,385 depending on market sentiment.
Ethereum’s price has stabilised around the $1,800 mark, showing signs that it could break above $1,820. Recently, ETH whale holdings surged by a staggering 2,682% in just a week, signalling a potentially bullish outlook. Moreover, ETH-backed exchange-traded funds (ETFs) saw a significant inflow of $157.09 million, ending a troubling eight-week streak of outflows. Technical analysis shows a positive Balance of Power at 0.31, indicating that buyers currently dominate the market.
Despite facing recent corrections, Ethereum has been resilient. It’s currently trading above $1,770, supported by the 100-hourly Simple Moving Average. After briefly dropping to $1,746, it bounced back above the $1,770 resistance. This uptick suggests that buyers are actively entering the market around lower price points. ETH also managed to surpass the 23.6% Fibonacci retracement level of its earlier decline from $1,857 to $1,746, though it encountered resistance near the 50% retracement level.
At present, Ethereum is experiencing resistance at the $1,800 level, with a bearish trend line around $1,815 observed on the hourly chart. A breakout of this zone could lead to a surge towards $1,850 and potentially reach as high as $1,950 or even $2,000 in the very near future.
Curiously, large holders—or “whales”—have noticeably ramped up their positions in Ethereum. On-chain data indicates that netflows from these significant holders have increased dramatically by 2,682% in the last seven days, hinting at possible underlying confidence in the asset’s future. This surging activity suggests that major investors are eyeing Ethereum as a valuable asset at current price levels, particularly as the market consolidates.
In addition to whale activity, the sentiment in the ETF market seems to be shifting favourably. After enduring eight weeks of outflows exceeding $700 million, ETH-backed ETFs recently saw net inflows of $157.09 million, highlighting growing institutional interest in Ethereum again. This revival in investor sentiment, along with the uptick in whale acquisitions, lends a bullish backdrop to Ethereum’s pricing trajectory in the short term.
On the technical side, Ethereum’s positive Balance of Power score of 0.31 adds weight to the bullish perspective, suggesting a healthy ratio of buying versus selling pressure. If this buying trend continues, Ethereum could aim to reclaim levels above $2,000, specifically targeting $2,027. Yet, if market sentiment were to sour, there is a possibility that the price could dip to the support level around $1,385.
As the cryptocurrency charts key resistance levels, all eyes are on whether Ethereum can break through $1,820, which could spark a renewed wave of buying activity.
