Ethereum has been experiencing a downward trend for the past three weeks, causing concern among investors. However, mid-tier whales holding between 100,000 and 1 million ETH have been actively buying ETH sold by larger wallet holders, indicating confidence in the cryptocurrency's potential recovery. Despite this, the market remains cautious as traders assess whether ETH can break free from its downtrend. The number of active wallet addresses has recently shown mixed signals, with a spike followed by a sharp decline, reflecting uncertainty among investors. This decline in active participation may slow Ethereum's recovery as investors wait for more stability and bullish signals before reentering the market. Ethereum's current price is $3,200, remaining below the downtrend line. Holding above the critical support level of $3,131 is important for traders, as breaking this support could lead to further decline in price. Conversely, if Ethereum breaks through the downtrend line and reclaims $3,303 as support, it could rally towards $3,500, providing relief for investors.



Other News from Today