The Ethereum (ETH) price is struggling to break above $2,300 and its technical indicators suggest a downtrend. However, the number of Ethereum whales, or large holders, has increased slightly, possibly due to the White House Crypto Summit and anticipation of regulatory changes or ETH's inclusion in the US strategic crypto reserve. To turn bullish, Ethereum needs to overcome key resistance levels and sustain buying pressure. The BBTrend indicator for Ethereum has improved but remains negative, indicating that bullish momentum hasn't fully developed. If the BBTrend can cross above 0 and reach higher levels, it would confirm stronger momentum and increase the likelihood of a bullish trend. The recent increase in whale numbers may indicate renewed confidence in Ethereum's long-term outlook. Nonetheless, sustained whale accumulation would be necessary to reverse the recent downtrend. The short-term and long-term moving averages for Ethereum still signal a downtrend, and if selling pressure intensifies, the price could test support at $2,077, potentially dropping to $1,996. However, if Ethereum reverses its trend, it could challenge resistance at $2,550 and potentially reach $2,855, setting the stage for a potential reclaim of $3,000 and signaling renewed bullish momentum.



Other News from Today