Can Ethereum Price Attempt a 10% Bounce as the Biggest Whales Add $2 Billion?
Ethereum whales are accumulating $2 billion worth of ETH while short-term holders sell, creating a tug-of-war around a potential 10% bounce.Summary
Ethereum is attempting to stabilize near $1,950, supported by significant accumulation from the largest whales, who have added over 1.1 million ETH (worth about $2 billion) since February 9th. This accumulation coincides with a bullish divergence on the 12-hour chart, suggesting weakening selling pressure, provided the price holds above the critical support at $1,890.
However, the market faces resistance from short-term holders who are actively taking profits, evidenced by a sharp surge in spent coins aged 7-30 days. Furthermore, derivatives markets show heavy bearish positioning, with short liquidations vastly outweighing long liquidations, indicating widespread expectation of further weakness.
Key price levels to watch are $2,010 as immediate resistance, followed by $2,140 for a potential 10% bounce. Failure to hold $1,890 support would invalidate the current bullish structure and signal renewed downside pressure, despite the whale activity.
(Source：BeInCrypto)