Ethereum (ETH) has been in a constant descending trend from the beginning of the month, remaining below the trend line for three weeks. This decline retained ETH under pressure, checking the patience of investors.
Nevertheless, Ethereum Whales enter to prevent a mass accident, offering a glimpse of hope.
Ethereum whales save the day
Ethereum Whale appears from 100,000 to 1 million ETH, actively purchased ETH sold by larger vehicle holders. At the weekend, this cohort acquired 1.1 million ETH worth about $ 3.5 billion in one day. Their purchase is considered as an attempt to stabilize cryptocurrency.
This step towards middle -level whales opposes the pressure of sales by larger holders, demonstrating strong confidence in the potential recovery of Ethereum. While this action has reduced direct risks, the market remains careful, because traders evaluate whether ETH can be free from its current descending trend.
Ethereum macrophy pulse shows mixed signals. Active addresses of the wallet recently led to 784,000, which reflects increased activity. Nevertheless, this number dropped sharply to 547,000,000 soon, which signals the growing uncertainty among investors amid constant fears about the collapse of the market.
This decrease in active participation can slow down Ethereum recovery, since market moods remain shaky. Investors are probably waiting for more stability and bull signals before returning to the market, prolonging the struggle of ETH for restoring upward impulse.
Price Forecast: Search for a Way through a descending trend
At the time of writing, Ethereum is traded at 3200 dollars, remaining below the line of descending trend for three weeks in a row. Despite the bear pressure, ETH holds above the critical support level of $ 3131, which remains a key direction for traders.
If the descending trend is preserved, and ETH loses support in the amount of $ 3131, the price may be further to test $ 3,028. Such a decrease will weaken the recovery prospects, leaving Ethereum in a vulnerable position, since market uncertainty continues to grow.
Nevertheless, the breakthrough of the descending trend and the restoration of $ 3303, since support can cancel the prospects of bear. This step will require strong support from wider market signals and updated purchase pressure.
If Ethereum is achieved, it may rally by 3,500 US dollars, providing such a necessary relief for investors.
