Ethereum Gains 2% to Hold Above Support
Ethereum Watching Whales Accumulate At $1,230
The Cryptocurrency Still Lacks a Directional Bias as Sellers Remain Active
Ethereum (ETH/USD) gained more than 2% on Friday, consolidating its position above the $1,250 support. The recovery saw ETH trading at a price near $1,300 before correcting slightly lower. Although eth price Not at a level at which we can consider bullish. Instead, it is consolidating at or above important support. Will the buyers help in further recovery?
According to sentiment data on December 7, large investors are accumulating ETH. The data shows that whales and sharks accumulated $690 million worth of ETH in the past two days. The accumulation happened when ETH was hovering around $1,230. This emphasizes that accumulation may be behind the recent, though small, recovery for ETH.
The whale accumulation underscores that the price around $1,250 or so is becoming increasingly important for ETH. Level has held ETH since July. Even though the FTX saga happened and the price dropped, ETH quickly recovered. Clearly, long-term buyers should consider this as an important area for cryptocurrency accumulation. Nevertheless, the buyers may struggle with the bears at the crucial levels as the price lacks momentum.
ETH Lacks Upside But Remains Stable Above Support
A technical approach suggests that the bulls remain firmly positioned above the $1,250 level. However, the bears also persist, as shown by the weak momentum in ETH price.
A slight gain on the day took the RSI above the midpoint, indicating the entry of buyers. The reading is still close to the level that equalizes demand and supply. The MACD remains in the bear zone despite a slightly better momentum.
What next for ETH?
The buyers have a slight edge over the bears for ETH above $1,250. However, the bulls are still facing pressure. ETH may continue to consolidate until a catalyst is found to push the cryptocurrency above the support. should buy eth On the upside, the next level for the cryptocurrency lies at $1,400-$1,450.
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