Ethereum Sellers Halt Breakout — But One Group Is Still Hopeful Of A Price Bounce
Ethereum's recent breakout attempt failed due to cooling demand and increased selling interest, despite some smart money optimism.Summary
Ethereum (ETH) price showed a slight weekly gain but failed its recent breakout attempt on October 27, evidenced by daily weakness. This failure is attributed to cooling demand, shown by a drop in the holder accumulation ratio, and increased short-term selling interest, indicated by reduced ETH outflows from exchanges.
Technically, the rally stalled near a strong supply cluster between $4,283 and $4,326, where prior buyers might be taking profits. Ethereum remains within a symmetrical triangle pattern established since October 7.
Despite the resistance, the setup remains balanced; a firm close above the triangle's upper boundary, clearing $4,254 and $4,395, could signal a renewed rally. Crucially, the Smart Money Index shows these historically successful wallets have continued accumulating, suggesting underlying confidence in a near-term bounce, provided the price does not fall below the $3,918 support level.
(Source：BeInCrypto)