Ethereum The price jumped from $1900 to confirm a stronger outlook. Although the bears tried to stop this rise, they were not strong enough.
The strong pressure to the upside has increased the likelihood of reaching the $2000 levels before the monthly view is complete. Although there is a short time left to the end of the month, technically an uptrend is still possible.
Has Ethereum Chart Surrendered To The Bears?
Ethereum priceis trading with great uncertainty as the direction of the next move remains uncertain. The bears are likely to exert downward pressure by showing their strength. Although it is technically possible to rise, it would not be wrong to say that the bears are superior in price for now. Even though the bears do not have enough strength to fall, their presence is causing uneasiness.
A breakout could also be imminent as the price continues to trend towards the top of the consolidation as the price remains trending within an ascending triangle.
The RSI showed a bullish divergence that made the price move higher towards the critical resistance. However, the bears seem to be sluggish at the moment, which is considered a factor that could aid a healthy rise.
However, concerns are on the ADX front, which shows that the rally is weakening. Even if the price approaches $2000, it could get a rejection and turn bearish again.
Also, it looks like validators are starting to withdraw their staked ETH on the ETH 2.0 Beacon chain as levels hit 4-month lows.
However, since these withdrawn assets are not sold on exchanges, it would be wrong to say that there was a liquidation. If these assets flood the market after the price reaches a certain threshold, a difficult process can begin for retail investors.
A development that finally corrected the complex picture that has emerged so far came from the whale front. Whales continue to show interest in Ethereum and buy ETH.
According to data from Santiment, whale and shark addresses are accumulating ETH at a higher rate.
The number of Ethereum sharks and whales has increased over the past year. The number of addresses holding 1000 or more ETH is 380 more (5.7% increase) compared to last year. Prices fell 34.8%, making it easier to save.
The levels around $2000 may be significant but achievable shortly, but the critical levels are around $2462 which could start the upcoming uptrend.
You can follow the current price action here.