Ethereum Price Finds Support as Major Holders Pause $1.5B Selloff
Ethereum failed to break through the critical $2,500 resistance level recently, triggering a market pullback. The second-largest cryptocurrency is now trading at $2,354, down from previous highs but showing early signs of potential recovery.
A significant shift in behavior among large investors may provide the necessary foundation for an upward price movement.
The selling pressure that has dominated Ethereum markets appears to be easing. Whale addresses — those holding between 10,000 and 100,000 ETH — had been aggressively liquidating their holdings over the past week. These large investors sold approximately 640,000 ETH valued at $1.5 billion, contributing significantly to Ethereum's struggles near the $2,500 mark.
The past 24 hours have shown a remarkable change. These same whale addresses have paused their selling activities, coinciding with Ethereum's price stabilization in the market. This behavioral shift could indicate renewed confidence in Ethereum's recovery potential. Market analysts suggest that continued restraint from these large holders could reduce price volatility and establish stronger support levels.
Data from Glassnode confirms this trend among major Ethereum holders.
The cryptocurrency's Liveliness indicator provides additional support for a potential recovery. This metric, which typically rises when long-term holders liquidate their positions and falls when they accumulate or maintain holdings, has flattened in recent days. The stabilization signals that long-term investors have also stopped selling their Ethereum.
"This trend directly supports price stability as long-term investor behavior often preserves market confidence," said a market analyst who requested anonymity. If these established investors continue to hold their positions, Ethereum could build momentum for a potential breakout. A sustained decrease in the Liveliness metric would further strengthen bullish sentiment, indicating a shift toward accumulation rather than distribution.
Ethereum is currently attempting to establish $2,344 as a support level. Holding above this threshold could enable ETH to recover recent losses and target $2,549 as the next resistance point. Successfully testing and exceeding this zone would confirm a bullish momentum shift in the market.
Breaking through the $2,549 level could potentially push Ethereum toward $2,654. If ETH surpasses this higher threshold, the cryptocurrency might enter a consolidation phase below $2,814, following patterns observed in previous market cycles. This would create a stable price range before any additional upward movement.
The road to recovery isn't guaranteed. Failure to maintain the $2,344 support level could trigger further decline. In this scenario, ETH might fall through $2,267, potentially testing $2,170 as the next major support level. Trading below this price point would invalidate the bullish outlook and reinforce bearish momentum in the short term.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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