The price of Ethereum is still under pressure following a recent decline that halted the recovery sentiment. The price of ETH is $2,087 and it has reclaimed the $2,000 level, but it is failing to build a sustainable rally.
Ethereum faces challenges not only from resistance levels but also from uncertainty among key holder groups.
Whales are selling Ethereum... then buying again
Whales and long-term holders are the two most influential groups in any cryptocurrency market. In Ethereum, both groups send conflicting signals. This disconnection causes the price development to remain sideways for a longer period.
Addresses holding 100,000–1 million ETH sold about 1.3 million ETH from February 9 to 12. This sale is estimated to be worth about $2.7 billion. However, the same group bought back 1.25 million ETH in the following 48 hours.
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A rapid turnaround meant nearly $2.6 billion in purchases during the same week. Such large-scale back-and-forth activity increases liquidity without a clear directional cue. Therefore, Ethereum's price remains in a range without clearly moving up or down.
Ethereum LTHs accumulated, but now they are selling.
HODLer net position change - the indicator confirms this uncertainty. The indicator tracks the balance movements of long-term holders.
At the beginning of February, however, the trend changed. Long-term holders reduced their buying activity and began to moderately distribute their holdings. The selling pressure has not been strong, but it indicates growing uncertainty among investors, which is usually associated with strong belief.
The variable actions of whales and cautious long-term holders are limiting the upward momentum. Without continuous buying from these groups, it is difficult for Ethereum's price to rise above key resistance levels.
ETH price stuck around $2,000.00 level
Ethereum is trading at $2,087 and has regained the $2,000 level. The next significant resistance is at $2,241. A rise towards this level clearly requires bullish momentum from large holder groups.
In the current situation, where there is no decisive buying, consolidation is the most likely scenario. Ethereum may continue to move near $2,000 while defending the $1,902 support level. A sideways sentiment may continue until a clear direction is found.
If whales and long-term holders return to the buying line, Ethereum could rise above $2,241. A sustained price rally may continue towards $2,395 and potentially test the $2,500 mark. A breach of the $2,500 level would nullify the bearish outlook and confirm a stronger recovery trend.