The price of Ethereum is hardly restored and in recent days it is steadily held at $ 1,700. Despite attempts to rise above, ETH failed to gain a significant impulse.
We figure out what is happening on the Ethereum (ETH) market and what to expect from the price of cryptocurrency.
Ethereum whales staged a sale
Over the past three days, addresses holding from 100,000 to 1 million ETH have actively sold about 1.19 million ETH for a total of more than $ 1.8 billion. The decision of these large holders to sell significant volumes of Etherum emphasizes a change in moods in the market, as they probably strive to compensate for possible losses.
Since Ethereum is not able to gain an impulse and break through above $ 1,700, whales seem to use current levels to reduce the market. These sales are a signal of a lack of confidence in the short -term prospects of Ethereum.
The general Ethereum macro -capuls look weak, which is confirmed by deeply negative MVRV Long/Short Difference in -29%. The indicator shows that long -term holders practically do not make a profit. On the other hand, short -term holders quickly sell after making a profit, which adds volatility and bear pressure to the price of Ethereum.
In such a situation, Ethereum becomes more vulnerable to further decrease. While more and more investors will sell their assets, altcoin will continue to face low pressure.
ETH Forecast: Will prices be held above $ 1,500
At the time of writing this analysis, ETH is traded at $ 1,580, not being able to overcome the resistance of $ 1,700. Altcoin still rests above an important support level of $ 1,533. However, it may not prevent further fall if the market will continue to remain bear.
Ethereum risks facing serious resistance when trying to recover. Without the support of investors or without positive news, the fall below $ 1,533 becomes probable. If Ethereum does not hold this support, it will roll back to $ 1,429.
However, the recovery over $ 1,625 will open the way to a level of $ 1,700. If Ethereum successfully overcome the specified barrier, he will receive a chance to reach $ 1,745. This will cancel a bear prognosis and create conditions for a reversal.
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Source: Cryptocurrency
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