Ethereum Stalls Below $3,000: Will This Whale Sell ETH After A 270X Profit?
Ethereum is still in a narrow range below the $3,000 round number. As it is, sellers are dominant and in line with mid-April losses. The wide-ranging, high-volume bear bar of April 13 shapes the current formation. There was another concerning dip on April 30, which bulls have yet to reverse. Accordingly, unless there is a conclusive close above the current range at $3,300, bears remain in charge and risk pushing prices even lower.
The consolidation is evident in price action. So far, the coin is moving sideways. It remains in red over the previous week, losing 5%. Because of the general inactivity and depressed prices, the average trading volume is also below average, printing just $12 billion. From the Ethereum price action, the breakout direction, either above $3,300 or $2,800, will confirm whether the current sideways movement is a distribution or accumulation.
Traders keep track of trending Ethereum news. Among those dominating headlines are:
- If Ethereum prices are to rally, there must be a big announcement as a trigger. Top of the list is whether the United States SEC will surprise the community by approving any of the submitted applications this month. Should that be the case, ETH will likely fly above $4,000. Before then, the discussion on the future of spot Ethereum ETFs dominates headlines.
- Yesterday, an eight-year old ETH wallet approved the transfer of over $12 million worth of the coin to Coinbase—a leading crypto exchange. Earlier, the address bought 12,427 ETH from Poloniex for $11 each, realizing over 270X gain as a result.
Ethereum Price Analysis
ETH/USD is under immense selling pressure and struggling against a wave of liquidation.
Prices may spring higher, surpassing expectations.
Before then, sellers are in the driving seat if prices exceed $3,300.
Aggressive traders might look to double down on their shorts, aligning with the trend defined by April 13 and 30 candlesticks.
So far, Ethereum remains within a bearish formation. Losses below $2,800 will confirm a mid-April bear breakout and possibly even more losses to $2,600.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals