Despite the latest FUD, ETH price remains resilient. Major indicators flashed buy signals as analysts suggested a potential bottom.
Despite the intensification of FUD in recent months, Ethereum (ETH) price has remained resilient.
ETH has underperformed peers such as Bitcoin (BTC) and Solana (SOL), prompting more investors to abandon their ETH for other alternatives.
As a result, ETH market sentiment turned negative last week, hitting its lowest level since August.
Source: Kite
However, ETH remained resilient and appeared poised to recover from recent losses, according to Income Sharks market analysis.
ETH resilience
Despite the recent pullback and FUD, Income Shark has established that ETH’s market structure is solid with bullish signals from the supertrend. he said:
“$ETH – I’m happy to say everyone ended the low. Still making new highs and lows. Supertrend remains bullish.”
Source: Income Sharks
For context, a supertrend is a simplistic buy or sell indicator, and as of this writing is flashing a “buy” signal (green).
Additionally, a trend with higher highs always indicates a potential breakout and continuation of an uptrend. This suggests a potential bottom and breakout around the Income Shark, as ETH is following a similar pattern.
In fact, prominent analyst Ali Martinez believed that if the asset stays above $2,400, it could rise to $6,000.
Source: High Block
However, at the time of writing, the whales were not that big in ETH.
Since October 22nd, whales have been reducing their ETH exposure, as shown by the decline in the Whales-to-Retail Delta indicator.
The recent backlash was marked by a sharp decline in interest in whales. However, at the time of writing there was again a small position by whales, but it was not strong enough (not green) to indicate strong market interest and a potential market rebound for ETH.
In other news, Ethereum co-founder Vitalik Buterin continues to fight FUD leveled at the network, particularly regarding his ETH sale and the activities of the Ethereum Foundation.
However, at the time of writing, ETH was worth $2.4 million. However, it remains to be seen whether the ongoing FUD will derail the chances of a strong recovery for ETH.
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