Ethereum Rises 2% to Maintain Support
Ethereum Witnesses Whale Accumulation At $1,230
Crypto still has no 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 trade to a price of around $1,300 before falling slightly.However ethereum price It is not at a bullish level. Instead, it’s integrated at or beyond critical support. Will buyers help further recovery?
Big investors are accumulating ETH, according to Dec. 7 Santiment data. This data shows that the whale and shark have amassed $690 million worth of his ETH over the past two days. Accumulation occurred as ETH hovered around $1,230. This underscores what may be behind ETH’s recent but modest recovery.
Whale accumulation highlights that prices around $1,250 have become very important for ETH.The level has held ETH since July. Even when the FTX saga hit and the price dropped, ETH quickly recovered to levels. Clearly, long-term buyers should view this as a key zone to accumulate cryptocurrencies. There is a nature.
ETH Lacks Upside, But Stable Above Support
The technical outlook shows that the bulls are holding the price firmly above $1,250. But the bears have no mercy, as evidenced by the weak Ethereum price momentum.
A slight rise recorded for the day has pushed the RSI above the midpoint, indicating that buyers have entered. The readings are still close to levels that equalize supply and demand. MACD remains in bearish territory despite a slight improvement in momentum.
What next for ETH?
Buyers have a slight advantage over the ETH bears above $1,250. However, the bulls still face pressure. ETH may continue to consolidate until cryptocurrencies gain a catalyst that outstrips support.should do it buy ethereum As it heats up, the next level for cryptocurrencies will be $1,400-$1,450.
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