Ethereum is currently trading above $2,000 after a few days of struggle, marking the potential turning point for the cryptocurrency, the second largest market capitalization. ETH plunged more than 38% since late February, causing panic among investors when prices fell below the key $2,000 level and reduced $1,800. This sharp drop has led many to question whether the wider altcoin market is entering the long-term bear stage.
However, the recent recovery of over $2,000 and price stabilization has renewed optimism among Ethereum holders. Many investors believe the worst may be over and that ETH can begin building a foundation for a sustained recovery in the coming months.
In support of this sentiment, data from Santiment reveals that the whales have purchased around 470,000 ETH in the past week. This striking accumulation from this large owner suggests an increased confidence in the long-term potential of Ethereum, even amid recent volatility. Historically, whale accumulation has preceded major price increases, adding to speculation that Ethereum may be preparing for a significantly upward move.
While uncertainty remains, current chain signals and market behavior suggest that ETH may be preparing for a bullish breakout.
Ethereum builds momentum amid a potential recovery
Ethereum shows signs of life after long-term integration and sales pressures. A recent push above the $2,000 mark has given the Bulls a key opportunity to regain control and set the rise of their recovery. However, price action remains uncertain, with the market being sandwiched between expectations of a continuing downtrend and hope for a meaningful reversal.
The Bulls must defend their $2,000 support level with strength. This price range has been a major psychological and technical barrier over the past few months, with a solid hold on top of that potentially providing a foundation for a wider assembly. However, failing to maintain this level could lead to further negative side pressure and indicate a continuing bearish trend.
In addition to growing optimism, it is new on-chain data shared by top analyst Ali Martinez. According to Santiment, the Ethereum whales have accumulated around 470,000 ETH over the past week. This surge in accumulation from large owners suggests confidence is back in the market, potentially indicating that smart money is positioned for potential moves.
Historically, maelstrom purchases often precede a significant price rise and serve as a key indicator of broader market sentiment. If Bulls continues to step in and Ethereum maintains a foothold of over $2,000, a recovery of over $2,300 could soon be on the table.
The eth price is over $2,000 as bulls try to find momentum
Ethereum is trading at $2,090 after a sharp rebound from its recent lows, marking its first sustained move above the $2,000 level a week. ETH has been struggling under this mark since early March, making the area an important battlefield between bulls and bears. With price action currently being pushed high, the Bulls have to defend this support zone to maintain momentum.
To confirm a meaningful recovery, Ethereum needs to break beyond $2,200 resistance. A successful reclamation level will spark new bullish momentum and pave the way for over $2,300.
However, if the Bulls are unable to hold the $2,000 mark, sales pressure could soon return. Failures below this level indicate weaknesses and potentially send ETH back into the $1,800 zone.
The momentum is slowly changing, but the next few trading sessions are important. Ethereum needs purchases above $2,200 and strong confirmations to establish a true bullish reversal. Until then, the $2,000 line will remain at a critical level to watch as the fight for direction continues.
Dall-E special images, TradingView chart
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