Ethereum (ETH) demonstrates signs of recovery. Over the past week, the price of the largest altcoin capitalization increased by 14%. However, the ascending trend may turn around.
We figure out what is happening on the Ethereum market and what to expect from the price of ETH in the short term.
Landing trend ETH under threat
Over the past two days, the BBTREND indicator for Ethereum, which evaluates the strength and direction of the cryptocurrency trend, has decreased from 11.83 to 8.77. The value remains in the positive zone. This means that bull sentiments prevail in the ETH market, but the impulse weakens.
If buyers do not return control, this can lead to an increase in altcoin volatility. Change BBTREND also increases the risks of rollback and side movement ETH.
Ethereum Chips retain positions
The number of Ethereum kits-wallets with a balance of 1,000 to 10,000 ETH-at the time of writing the material is 5.458. The indicator has grown a little compared to April 21. However, in general, large investors are almost not active. They are probably waiting for some catalyst that will help the second cryptocurrency capitalization price continue to continue the upward trend.
It is important for investors to monitor the actions of whales. Large investors can significantly affect digital assets. The increase in the number of such market participants indicates confidence and potential growth, and the decrease usually signals the possibility of sale.
The stability of the number of whales indicates the expectant position of large players. In the near future you can expect either consolidation or a reversal.
What awaits ETH
The lines of the exponential sliding medium (EMA) for Ethereum demonstrate a bull trend. Short -term are above long -term, which confirms the ascending impulse. ETH several times tried to break through the resistance of $ 1,828, but so far unsuccessfully. If Altcoin still overcomes this level, $ 1,954 and $ 2 104 will be the following goals.
A breakdown above the psychological mark of $ 2,000 will become a significant event. Ethereum did not exceed this value since March 27.
With a negative scenario, ETH can return to support by $ 1,749. The loss of this level threatens to draw up to $ 1,689. If the sales pressure intensifies, Ethereum will decrease to $ 1,537 or even $ 1,385.
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Source: Cryptocurrency
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