Ethereum rose 14.5% in a week, but faced key resistance ahead of a price target of $1,828 before targeting $1,954 and $2,104. BBTrend fell from 11.83 to 8.77, signaling that the bullish momentum is starting to wane and a consolidation phase is likely. The whale wallet count held steady at 5,458, suggesting that major holders are waiting for a catalyst before making a major move. Ethereum (ETH) has recently shown signs of renewed strength, rising 14% over the past seven days. Despite the recent rally, Ethereum has been trading below $1,900 since April 2, highlighting the importance of key resistance levels ahead. Whether Ethereum can regain its highs or face fresh selling pressure may depend on its next move around major support and resistance levels.
Ethereum's BBTrend cools down: what does it signify?
The BBTrend of Ethereum is currently 8.77, a noticeable decrease from 11.83 two days ago. Despite the decline, this indicator has remained positive over the past three days, suggesting that even with a weakening momentum, Ethereum still maintains a potential bullish structure. This shift may indicate the early stages of a potential consolidation phase during which the market will take a brief pause before determining the next major move.
ETH BBTrend. The Bollinger Band Trend is a technical indicator that measures the strength of a trend by analyzing the price performance relative to the Bollinger Bands. When the BBT value is high and positive, it usually indicates a strong rising trend; when the BBTrend value is negative, it indicates a downward trend. The BBTrend of Ethereum is currently 8.77, which suggests that although the rising trend still exists, its strength is weakening. The failure of buyers to regain control may lead to increased volatility, potential pullbacks, or sideways movements.
Ethereum whales remain stable: what does this mean for the price
The number of Ethereum whales (wallets holding between 1,000 and 10,000 ETH) currently stands at 5,458. This figure has slightly risen from 5,442 on April 21 to 5,457 on April 23, and has remained stable around this level for the past four days. The recent stability suggests that the activities of large holders in terms of accumulation or distribution have paused, which may indicate that the market is waiting for a catalyst before taking the next significant action.
Ethereum Whales. Tracking Ethereum whales is crucial, as these large holders can have a significant impact on price movements. An increase in the number of whales typically signals confidence and potential accumulation, which could be beneficial for prices. Conversely, a decrease in the number of whales may indicate impending selling pressure. With the number of Ethereum whales stabilizing around 5,458, this could suggest that major participants are taking a neutral stance—neither actively buying nor selling—which may lead to reduced volatility and range-bound price movements until a clearer trend emerges.
Ethereum at around $1,828: Breakthrough or Breakdown?
The EMA (Exponential Moving Average) of Ethereum is currently in a bullish formation, with the short-term EMA positioned above the long-term EMA - a typical sign of upward momentum. Over the past few days, ETH attempted to break through the resistance level around $1,828 but has not been successful. If ETH tests that resistance level again and successfully breaks through, the next upward target will be the resistance level at $1,954, potentially rising to $2,104. ETH Price Analysis: Breaking through $2,000 will be significant as it marks the first time ETH has crossed this psychological level since March 27. However, if bullish momentum fades and the trend reverses, the price of Ethereum may retreat to the support level of $1,749. Falling below that support level could lead ETH to further decline to $1,689. If selling pressure intensifies, deeper support levels at $1,537 or even $1,385 may come into play.
