Ethereum has recently achieved a breakout above the $3.6k resistance level, marking a significant milestone. However, there is a slight pullback in recent trading. The continuous testing of this resistance level, along with supportive technical indicators, suggests potential for further upward movement towards $3.9k. Despite increased selling pressure, whale confidence remains high.
Technical indicators suggested a breakout above the $3.6k resistance , which Ethereum recently achieved due to a weekly price surge. This surge enabled many Ethereum addresses to move into profit. However, there was a slight pullback in the last 24 hours. If Ethereum turns this resistance into support, it could aim for $3.9k. However, as of now, Ethereum is trading at $3,577.87.
IntoTheBlock’s data indicates that over 90% of Ethereum investors are currently in profit, which usually results in increased selling pressure. Santiment’s data shows an uptick in Ethereum’s supply on exchanges, indicating selling by investors. Nonetheless, Ethereum whales are showing confidence, as seen by the rise in holdings by top addresses. Ethereum’s daily chart shows continuous testing of the $3.6k resistance level, supported by a high funding rate and a MA Cross technical indicator, both suggesting a potential breakout and move towards $3.9k
Ethereum $3.6K Resistance $3.9K Target Whale Confidence Technical Indicators Profit Taking Selling Pressure
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