Ethereum price is bouncing off the $1900 threshold that was required to maintain a healthy uptick. Although the bears tried to push the price down in the short term, they failed to contain the price.
Excessive upward pressure resulted in a massive breakout that does not decapitate the opportunity to rake in $2000 before the end of the monthly trade.
But has the pace slowed down? Has the bear been reactivated?
The ETH price is trading with great uncertainty as the next course of action remains unclear.
There is still a chance of a bearish pullback, but given the current trading situation, the bulls seem to have the upper hand and could sustain price levels through the end of the month.
As the price maintained its trend within an ascending triangle, a breakout could be imminent as it heads towards the top of the consolidation.
The RSI showed a bullish divergence which propelled the price to rise back towards the crucial resistance. However, the bears appear to be inactive at the moment, which in turn may aid in a healthy rebound.
The concern is with the ADX plummeting, indicating that the strength of the rally is weakening. Therefore, this can confirm the possibility of the price rejecting again from $2000 but under the bullish influence.
In addition, the validators appear to have started withdrawing their staked ETH on the ETH 2.0 Beacon chain as levels have reached a 4-month low.
However, it cannot be shown that the validators are liquidating their assets, as no massive sell-off has been recorded since then. But retailers may remain under pressure as the withdrawn ETH may be liquidated after the price hits a certain threshold.
On the other hand, the whales keep accumulating huge amounts of ETH, giving bullish signals for the crypto.
According to data from Santiment, the whale and shark addresses have accumulated ETH at a higher rate.
“Ethereum sharks and whales have grown in numbers over the past year. If we compare the number of addresses with 1K or more $ETH, there are 380 more than there are currently compared to last year (a 5.7% increase). Prices are down 34.8%, making accumulation easier,”
The levels around $2000 can be important but can be reached in a short time, but the crucial levels are around $2462 which could be the trigger for a bullish trend ahead.
