Ethereum Price Stagnates With Lack of Activity From Whales
Ethereum (ETH) is experiencing some consolidation, with its market indicators indicating a point of less turbulence as well as balanced investor sentiment. According to Glassnode, its Net Unrealized Profit/Loss (NUPL) reading is 0.34, which is neither disproportionately bullish nor bearish.
Adding to this neutral view, whale activity has also been low. Large investors have turned cautious as the number of addresses holding 1,000 or more ETH fell from 5,628 to 5,547 since Sept. 25. The drop in the number of whales usually tends to portray a lack of conviction in any short-term price gain.
Technical analysis favors this thesis, with the ETH price currently changing hands at around the $2,526 level. Resistance to further upside exists in advance at $2,728 and at $2,820, with support at $2,308 and $2,150. These well-defined levels have created a trading range that ETH seems content to respect for the time being.
ETH price action does have a slight downward bias, trading beneath multiple key exponential moving averages. Nevertheless, the bearish pressure seems rather minor to the point where there will be some kind of massive breakdown, all reflective of the overall neutral market conditions.
Although ETH's fundamentals are intact, the absence of heavy accumulation by major holders has signaled that investors have been waiting for more decisive signals before making a big move.
