Ethereum has experienced a significant increase of 14% from its low of $2,623 noted. Even with this significant recovery, it has faced constraints at the resistance level of $3,063. This level indicated a notable swing point on a shorter timeframe. The large holder balances metric shows that the whale group holding between 10k and 100k ETH has been accumulating since June. The Ethereum digital asset treasury concept gained significant traction during this period, with Bitmine Immersion leading the movement. It wasn’t just about gathering. The chart shows that holders in the 100-10k range have been selling their assets recently, indicating a drop in long-term confidence.
Report highlighted that Ethereum exchange-traded funds experienced a notable increase in inflows during the past week; however, this surge was insufficient to counterbalance the outflows recorded throughout the rest of November. Should traders and investors expect a rebound soon, or will the current decline persist at the significant $3k barrier? The weekly chart indicates that the uptrend remains robust, despite the notable decline from $4.9k to $2.6k. The swing points (orange) indicated that a weekly move below 2.1k is necessary to shift the structure into a bearish trend.
The 4-hour chart shows a downward trend, despite the surge that started on November 21st. An attempt to surpass $3,063 faced a minor price drop. The current low trading volume and lack of buying pressure indicate that buyers do not have the necessary strength to start a rally at this time. Nonetheless, the setback from this barrier was neither harsh nor rapid. This could suggest an initial move towards acceptance and a decrease in immediate selling pressure.
A significant move above $3,063, accompanied by a subsequent test of that level as support, may offer an excellent chance to buy. The focus is on the 3.4k supply zone. Marked in red, this area was important on the 1-day timeframe, where the trend has been downward since late September.