- Ethereum sees record accumulation by whale addresses.
- ETH’s 9-day EMA at $1,625, RSI near neutrality at 50.
Ethereum, the second-largest cryptocurrency by market capitalization, is currently facing bearish pressure in the midst of a bullish market turnaround and altcoins rally.
The previous week was a pivotal one in the crypto world, leading to the global market surging by four percent and Bitcoin touching the $30,000 mark. Notably, Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, were acquitted of all allegations in a historic move by the U.S. SEC. This marks a significant victory for Ripple after nearly three years of intense regulatory scrutiny. In another development, Reddit is discontinuing its blockchain-based Community Points program in favour of more easily scalable rewards programs.
In addition to this, Federal Reserve Chair Jerome Powell expressed satisfaction with the decline in inflation over the summer and indicated that the central bank is unlikely to raise interest rates again.
However, the focus of the crypto community is currently on the struggle of the altcoin head, ETH against bearish trends. Meanwhile, XRP, Solana, Stacks, and Mantle have emerged as notable performers by surging double digits in the past 24 hours.
In the same timeline, Ethereum did experience a brief surge from $1,582 to $1,627, but it has since returned to trading at $1,599 with a modest 0.98% increase over 24 hours.
Contrastly, Ethereum is witnessing record accumulation by whale addresses holding over one million ETH, now controlling 32.3% of the total ETH supply – a milestone not seen since July 16. On October 16, Ethereum saw its second-highest frequency of transactions exceeding $1 million within a month.
CryptoQuant’s recent data also indicates that while ETH’s exchange netflow increased, the Coinbase premium turned green, suggesting strong buying pressure from U.S. investors.
Will The ETH Bulls Win?
A closer analysis of Ethereum’s current price movements reveals the presence of bearish forces. The 9-day exponential moving average (EMA) has risen above the current trading price, settling at $1,625. Simultaneously, the daily relative strength index (RSI) is at 50, indicating that the asset is nearing neutral territory.
ETH Price Chart, Source: TradingView
Breaking the $1,655 level is likely to propel the price towards testing the $1,735 mark. Conversely, if bears intervene and push prices below the $1,571 support level, a decline to test the $1,529 support level may become probable.
