Ethereum (ETH) has experienced some consolidation, with its market indicators showing less turmoil and more balanced investor sentiment.
Ethereum (ETH) has experienced some consolidation, with its market indicators showing less turmoil and more balanced investor sentiment. According to Glassnode, the net unrealized profit and loss (NUPL) reading is 0.34, which is neither disproportionately bullish nor bearish. Adding to this neutral view, whale activity is also low. Since September 25th, the number of addresses holding 1,000 ETH or more has decreased from 5,628 to 5,547, making large investors cautious. Typically, a decline in whale numbers tends to indicate a lack of confidence in short-term price increases. Technical analysis supports this theory, with ETH price currently hovering around $2,526. Resistance to further upside is pre-existing at $2,728 and $2,820, while support lies at $2,308 and $2,150. These clearly defined levels have created a trading range that ETH seems happy to respect for the time being.
ETH price movement has a slight downward bias, trading below several major exponential moving averages. Nevertheless, the bearish pressure appears to be fairly small in terms of some sort of large-scale collapse occurring, all reflecting an overall neutral market situation.
While ETH’s fundamentals remain intact, the lack of significant accumulation by major holders suggests investors are waiting for more definitive signals before making any big moves.
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