ETHUSD is currently trading above $2,400 after a period of turbulence and unpredictability. Despite the sharp intraday fluctuations, the price has managed to hold steady, indicating a growing clash between bullish momentum and cautious investor sentiment. Market analysts are predicting a pivotal move, with some forecasting an upward breakout, while others suggest a potential pullback if critical demand areas falter.
Ethereum has exhibited resilience by maintaining above its short-term buffer zone, indicating that confident buyers are stepping in. Bullish momentum seems to be on the rise, particularly as the overall sentiment around risk assets begins to improve. However, contrarian views highlight declining volume and ongoing macroeconomic hazards, which could trigger a more extensive pullback if Ethereum cannot maintain its current price levels.
Supporting the bullish argument is new data from CryptoQuant, which reveals a robust accumulation trend among long-term Ethereum holders. The data suggests that significant buying pressure emerged during the recent consolidation phase, with hodlers steadily bolstering their positions. This discrepancy between price movements and accumulation activity indicates that Ethereum’s foundational support remains strong, even as traders eagerly await the next significant move.
Ethereum is grappling to recapture the $2,500 level, but its capacity to remain steady amidst current market volatility signals inherent strength. For several weeks, Ethereum has traded within a defined range of $2,200 to $2,800, with neither bulls nor bears able to establish decisive control. This extended consolidation period has postponed the highly anticipated altseason, which many believe will only commence once Ethereum surpasses key resistance and ascends into higher terrain.
Despite the absence of a clear trend, the macro setup is becoming increasingly intriguing. Global markets continue to be volatile, with fluctuating interest rate expectations, geopolitical risks, and unpredictable liquidity conditions creating a mixed bag of signals across risk assets. Yet, Ethereum persists to hold firm, backed not only by technical structure but also by significant activity from long-term holders.
Insights from CryptoQuant reveal a robust accumulation trend among Ethereum holders. Throughout the June consolidation phase, long-term investors consistently augmented their positions, despite the choppy price action. This divergence between price and accumulation volume signals growing confidence beneath the surface. When price consolidates while demand escalates, the result is often a powerful breakout.
With Ethereum sustaining crucial support levels and long-term accumulation rising, the stage may be set for a significant move. If Ethereum can surpass the $2,500 barrier and reclaim higher ground, it could trigger a broader altcoin rally. Until then, the market remains in a state of silent buildup. Ethereum is at the epicenter of the imminent big move.
Ethereum is presently trading at $2,470 after failing to sustain intraday gains beyond the $2,500 marker. The 12-hour chart shows Ethereum consolidating within a wider range, with $2,200 acting as a robust support and $2,800 as key resistance. Despite several bullish attempts, Ethereum has struggled to reclaim higher ground, with the rejection near the 100-period SMA (green line at $2,537) indicating persistent selling pressure near resistance.
The price currently trades above the 200 SMA ($2,170) and just below the 50 SMA ($2,507), which serves as a short-term resistance. This close positioning of moving averages suggests Ethereum is at a crossroads – either it breaks through the $2,500 resistance to aim for $2,600 and beyond, or it risks a downturn if bulls fail to maintain momentum.
Volume remains somewhat flat, suggesting indecision. The overall structure still leans towards a neutral-to-bullish bias, particularly if the price continues to close above the 200 SMA. However, a breakdown below $2,400 would heighten the risk of a retest of the $2,200 support zone.
