Ethereum gained 2% to maintain above support
Ethereum has been witnessing whale accumulation at $1,230
The cryptocurrency still lacks a directional bias as sellers remain active
Ethereum (ETH/USD) rose more than 2% on Friday, cementing a position above $1,250 support. The recovery saw ETH trade to a price of nearly $1,300 before falling slightly. However, the ETH price is not at a level we can consider bullish. It is, instead, consolidating at or above the crucial support. Will buyers help further recoveries?
Going by the Santiment data on December 7, big investors are accumulating ETH. The data shows that whales and sharks had accumulated ETH worth $690 million in the previous two days. The accumulation happened as ETH hovered around $1,230. That emphasises that the accumulation could be behind the recent, however small, recovery for ETH.
The whale accumulation underlines that the price at or around $1,250 is becoming very important for ETH. The level has held ETH since July. Even as the FTX saga happened and the price slipped below, ETH recovered quickly to the level. Clearly, long-term buyers should consider this as an important zone for accumulating the cryptocurrency. Still, buyers may struggle with bears at the crucial level as the price lacks momentum.
ETH lacks the upside but remains stable above the support
ETH/USD Chart by TradingView
A technical outlook shows bulls firmly holding to the price above $1,250. However, bears are also relentless, as shown by the weak momentum in the price of ETH.
The slight gains recorded in the day take the RSI above the midpoint, suggesting the entry of buyers. The reading is still near the level that equates demand and supply. The MACD remains in the bear territory despite a slightly improved momentum.
What next for ETH?
Buyers have a slight edge over bears for ETH above $1,250. However, bulls are still facing pressure. ETH may continue consolidating until the cryptocurrency gets a catalyst to push above the support. Should buying ETH intensify, the next level for the cryptocurrency is at $1,400-$1,450.
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