In the past two weeks, the Ethereum (ETH) price has been under sale and has failed to exceed $ 2.9 resistance. At the same time, the status of the relative power index (RSI) shows weakness in motor acceleration.
Ethereum fell to $ 4.9 on February 1, a 5 perce drop. However, whales have used this price drop as an opportunity for accumulation, and have added more than $ 1.5 billion to their assets since February.
According to iroverted data, whales have purchased 2.5 units of ethereum over the past two weeks. Historically, such periods of whale accumulation usually occur before large prices recovery. Therefore, if the rece purchase process coinues, one can expect a future price increase.
In technical analysis, the Donchian channel channel shows the level of resistance at $ 2.9 and the support boundary at $ 4.9. In the meaime, uncertaiy in the economic environme and increasing regulatory investigations have made investors more cautious.
One of the main concerns about Ethereum is the possibility of increasing supply after Dencun’s update, which some analysts believe can weaken the reserve value of the Ramsar.
In corast, hopes for the approval of the alcohin ETFs, including ETF Sticing Etics Funds, have increased the atteion of institutional investors.
In the curre situation, although the short -term trend is evaluated by a declining price, crossing the $ 2.9 resistance can boost the uptrend fair and raise the price up to $ 4.9.
On the other hand, if the support level is lost $ 2.9, the price is likely to drop up to $ 2.9.
