ETH Holds Firm at $1,600 with Strong Backing from Major Investors

ETH Holds Firm at $1,600 with Strong Backing from Major Investors

Ethereum (ETH) Price Shows Indications of Trend Reversal

The price of Ethereum (ETH) has been stuck between support at $1,600 and resistance at $1,700, but there are signs of an upcoming trend reversal. After a failed attempt to sustain a positive trend outlook, Ethereum (ETH) retraced to confirm short-term support at $1,600.

During this time, Bitcoin (BTC) likewise experienced a positive trend wave, reaching $26,400. Ethereum (ETH) briefly climbed to $1,660 but was unable to surpass the 100-day Exponential Moving Average (EMA).

Large Holders’ Impact on Ethereum (ETH) Price

The presence of large holders is helping to keep Ethereum (ETH) within the range channel and preventing bearish pressure. These holders have made whole lot of acquisitions in both the low and high $1,600 ranges, leading to price consolidation.

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Although while support is forming around $1,600, the recovery may take longer due to a higher supply of Ethereum (ETH) purchased at an average price of $1,670 compared to a lower supply at an average price of $1,623.

Evaluating the Bullish Outlook for Ethereum (ETH) Price

The recovery of Ethereum (ETH) price depends on the support at $1,600 holding during this bearish season. Short-term indicators, such as the Moving Average Intersection Divergence (MACD), suggest that bulls have the upper hand, but momentum is lacking.

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Short-term traders may consider booking profits at $1,670, which coincides with a whole lot of supply of 6.5 Million Ethereum (ETH). If Ethereum (ETH) price surpasses this level, it might have a clear path to $1,700.

The Money Flow Index (MFI) indicates that investors are starting to invest in Ethereum (ETH), potentially leading to a breakout from the range and a move towards $2,000.

Hot Take:

With the likelihood of the SEC approving the first futures-based Ethereum (ETH) ETF, Ethereum (ETH) price is expected to outperform other digital currencies in September and October. The approval of futures-based Bitcoin ETFs in 2021 led to a whole lot of rally in Bitcoin’s price, which has increased optimism around Ethereum.

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