Ethereum’s price is currently trading below key indicators despite Bitcoin’s recent rally. The cryptocurrency is struggling to maintain its $1,600 support/resistance level and may need to drop further to around $1,500 to gather more liquidity before a potential rebound. However, while Ethereum’s price may be in a slump, the network itself continues to experience significant growth. The number of addresses with a balance on the Ethereum blockchain has been steadily increasing over the past few years, indicating growing interest and long-term holding of ETH. This positive outlook for Ethereum is further supported by the recent approval of Ether futures exchange-traded funds by the SEC.
According to Santiment, whale addresses holding at least 1 million ETH now account for 32.3% of the circulating supply, marking a milestone not seen since 2016. These high net worth addresses were involved in transactions valued at over $1 million on Wednesday, indicating increased activity and potential for a bullish run in the future.
The bearish outlook for Ethereum’s price is reinforced by the Moving Average Convergence Divergence (MACD) indicator, which has entered negative territory. Traders are likely to take short positions as long as the sell signal remains. The price’s position below the ascending trendline puts bulls at a disadvantage, and a further drop to $1,500 support may be necessary to gather more liquidity for a recovery.
However, if Ethereum manages to break above key indicators such as the 200-week Exponential Moving Average (EMA) at $1,625 and the 21-week EMA at $1,696, it could signal a shift towards a bullish trend. A movement above the 100-week EMA could potentially push ETH to $2,000 and initiate the next phase of bullish momentum towards $3,000.
In conclusion, while Ethereum’s price may be facing challenges, the network itself is showing signs of growth and increasing interest. The approval of Ether futures ETFs and the activity of whale addresses indicate positive prospects for the future of Ethereum. However, traders should conduct their own research before making any investment decisions.
[Original Article](https://www.coinspeaker.com/ethereum-price-bulls-support/)
By
By
By
By
By