Altcoins News
By James Thorp
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Whale Wallets Stay Put. The whales aren't budging. Holders with between 10,000 and 100,000 ETH are sitting tight even…
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Technical Picture Gets Murky. Ethereum's chart shows higher lows, which usually means bulls are in control.
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Ethereum just crossed $2,400. The token closed at $2,423, pushed higher by a daily trading volume of 337,000 ETH. That's well above the 20-day average of 298,000 ETH.
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But the on-chain data tells a messier story. Retail traders are cashing out fast while the big holders aren't moving at all.
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The whales aren't budging. Holders with between 10,000 and 100,000 ETH are sitting tight even though they're underwater on paper. The MVRV reading came in at -0.
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Key resistance sits at $2,429.30. Support is down at $2,090.30, where the bigger players built their positions.
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The $2,400 level isn't just a number. It's a psychological barrier that's been tested multiple times during the recent consolidation phase.
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Ethereum's chart shows higher lows, which usually means bulls are in control. But the $2,350 to $2,400 range keeps causing problems.
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The 200-day moving average is still sloping down. That means the long-term uptrend hasn't actually confirmed yet.
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Volume patterns don't help clear things up. Trading activity picked up, sure, but it hasn't been consistent enough to suggest strong conviction from buyers.
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The divergence between retail and institutional behavior is stark. Retail traders are actively moving their holdings to exchanges, probably looking to lock in gains after the…
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Read also: Stellars XLM Surges Past Key Resistance as Network Activity Jumps
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Market participants are now focused on whether Ethereum can maintain its footing above $2,400.
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The structural support at $2,090.30 acts as a safety net. That's where significant positions were built by larger market players. Resistance at $2,429.
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The balance between supply from retail sellers and demand from institutional holders will likely determine Ethereum's next move.
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