ETH seems to be in a tug-of-war situation wherein buyers and sellers are in a power play to influence the price of ETH. With a rise in buying pressure from traders and the selling pressure from whales, who will emerge victorious?
may drive the address count higher. It is however, not a powerful observation if whales are not involved.
Addresses holding at least 1,000 ETH have been trimming their balances. This meant that the whales have been contributing to sell pressure.The above data means that retail buyers are contributing liquidity for whales. As such, this has limited ETH’s potential rally. We did see a surge in demand in the last 24 hours, but this is likely because the price hovered at a noteworthy price level.
ETH recently retested a key Fibonacci support at the 0.786 level as shown below. It has been hovering above this level for some time, which may have been due to heavy accumulation within this zone. However, the continued sell pressure from whales could limit the impact of the surging demand.chart revealed that the cryptocurrency has also been attempting to bounce off the 50% Relative Strength Index level. The Money Flow Index also confirmed that there was some accumulation.
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