- Ethereum whales keep accumulating heavily, reflecting strong confidence in the asset’s long-term outlook.
- Analysts caution as Ethereum forms a descending triangle, highlighting signs of bearish pressure building.
- A decisive breakout above $4,450 is needed for ETH to regain bullish momentum.
Ethereum (ETH) is seeing ongoing whale accumulation, but chart patterns signal caution. Analysts note that selling pressure is building, and the coin’s short-term outlook remains uncertain unless it can push above key resistance levels.
At the time of writing, ETH is trading at $4,305.76, with a daily trading volume of $44.87 billion and a market capitalization of $520.21 billion. The coin has gone down 2.07% over the last 24 hours, raising questions about its short-term direction.
Whale Accumulation Strengthens Ethereum Market Outlook
In a notable development, a well-known crypto analyst, The Moon Show, reported that ETH whales are continuing to buy heavily. A mysterious whale was in focus after it bought 5,100 ETH recently.
Even more striking, the same investor has cumulatively added 42,681 ETH, worth around $185 million, in the last five days. Such accumulation reflects confidence in Etereum’s long-term outlook.
Also Read | Ethereum Breakout Imminent with $8500 to $22000 Targets
Ethereum Faces Caution With Bearish Patterns
However, not all indicators are positive. Prominent crypto analyst Alfa Crypto Signal highlighted that ETH’s 4-hour chart is forming a descending triangle, a setup often seen before potential downside moves.
Continuous price rejection at the downward resistance line, in association with support near the $4,200 area, reflects growing selling pressure. If that key support fails, the price would decline further to $3,900 to $3,700 targets.
In contrast, ETH can potentially regain its strength if it manages to surge from $4,450 with strong traction. In the meantime, all short-term direction remains cautious while whales are still on their accumulation spree.
Also Read | SharpLink Adds $177 Million in Ethereum, Total ETH Stash Nears $3.6B
