Related: Bitcoin needs weekly close above $81K to avoid downside ahead of FOMCEther unlikely to see more downside below $1,900 amid growing whale accumulation: analystWhile Ether may see a temporary correction below $1,900, it is unlikely to fall much lower due to the growing whale accumulation, according to Nicolai Sondergaard, research analyst at Nansen.“It does seem likely that if ETH is unable to hold the $1,900 level that we’d see further downside,” the analyst told Cointelegraph, adding:“Supposedly whales have been accumulating, and WLFI also holds substantial amounts of ETH, and regardless, price action has not been favorable.”This behavior was also seen in recent options data where larger players/institutions were positioning themselves for moves in either direction, which shows how uncertain the market is about where ETH is going,” added the analyst.
Source: Cointelegraph/TradingView“Onchain metrics reveal a robust demand zone for ETH just below $1,900,” the analyst told Cointelegraph, adding:“Historically, around 4.3 million ETH were bought in the $1,848–$1,905 range, signaling substantial support.
Ether risks another decline below $1,900, which may open up a significant amount of investor demand, which may catalyze Ether’s recovery from its three-month downtrendEther (ETH) price fell over 52% during its three-month downtrend after it peaked above $4,100 on Dec.16, 2024, TradingView data shows.
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Author / Journalist: Cointelegraph by Zoltan Vardai
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