Ethereum (ETH) price finds support around $3,030-$3,130 despite continued selling pressure from whales. A potential local bottom is forming, but a break below $3K could trigger further sell-offs.
Binance whales continue to exert selling pressure on ETH as the price finds a local bottom. The price found its most significant support between $3,030 and $3,130, a zone where a majority of holders had purchased their ETH . The key resistance, conversely, lay between $3,640 and $3,740, beyond which a rally continuation seemed probable. At the time of writing, 51.58% of ETH ’s volume was “In the Money”, indicating profitability, whereas 48.
04% was “Out of the Money,” reflecting potential selling pressure or losses at higher levels. The narrow band of “At the Money” around the current price of $3,337.41, holding only 0.38% of volume, suggests a delicate balance. Minor price movements are likely to tip the scale. A break below $3K could turn bearish, triggering a larger sell-off from those in loss. Conversely, a sustained move above $3.7K could confirm a bullish trend continuation, encouraging those in profits to hold for further gains.Ethereum trends on Binance became evident that the negative whale activity corresponded closely with declining prices through December. Specifically, during periods where delta values plummeted, significant drops in ETH followed, highlighting a potent influence of large-scale transactions on sentiment and stability. Conversely, positive shifts in whale activities have historically suggested potential price rebounds, signaling key moments for traders to watch for trend reversals. Ethereum’s price action displayed a classic double-top pattern, which is a typical reversal signal. This pattern formed peaks around $4K before sharply declining to the neckline around $3.4K, fulfilling the bearish forecast. The subsequent drop reached a low of $3,200, hitting the pattern’s projected target. As the price touched this low, discussions about Ethereum’s vitality resurfaced, suggesting a potential local bottom formation. Historical behavior indicated that such sentiments often preceded stabilization or reversal
Ethereum ETH Price Whales Selling Pressure Support Resistance Trend Reversal
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