Ethereum Flashes a Reversal Setup — Now It Just Needs the ‘Mega’ Confirmation
Ethereum shows a bullish reversal pattern, but large holder activity suggests weakness, making confirmation at key resistance levels crucial.Summary
Ethereum's price recently dropped nearly 11.5% before recovering slightly above $3,230, still reflecting a near 6% dip over 24 hours. This corrective move has formed a bullish harami pattern on the daily chart, suggesting selling pressure is slowing and buyers are attempting to take control. However, this pattern's validity is questionable due to declining activity among large holders; the count of wallets holding over 10,000 ETH has dropped, mirroring levels seen before a previous failed bounce in November. For the reversal to be confirmed, Ethereum must overcome key resistance levels. The immediate test is near $3,333, but the stronger hurdle is the supply zone around $3,650, which holds over 1.5 million ETH. Clearing $3,650 would validate the bullish harami and signal a broader recovery, whereas a drop below support at $3,150, or especially below $3,050, would invalidate the setup and likely lead to further selling.
(Source：BeInCrypto)