CandleFocus

Ethereum Fights to Hold $3,000 Support Despite Record Whale Accumulation

Author: Content Editor
The price of Ethereum (ETH) has dropped over 15% in the last seven days, posing a risk of falling below the critical $3,000 level for the first time since November 2024. Key indicators such as the Directional Movement Index (DMI) and Exponential Moving Average (EMA) lines suggest a bearish setup, with increasing downward pressure and weakening bullish momentum. However, despite the short-term uncertainty, Ethereum whales have been accumulating more ETH, signaling long-term confidence in the cryptocurrency. The DMI shows a weakening trend strength, with the negative directional index (D-) increasing and the positive directional index (D+) decreasing. The widening gap between D- and D+ reinforces the short-term downtrend. The accumulation of ETH by whales, as well as the potential for the DMI to signal a reduction in trend strength, could provide relief for the price of Ethereum in the near term. Meanwhile, if the bearish momentum continues, ETH could test critical support levels at $3,014, $2,723, and potentially $2,359, representing a significant correction. On the other hand, a reversal of the downtrend could lead to a retest of $3,300 and potentially higher levels, offering a path to recovery.

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