Ethereum ($ETH) For the past four weeks, the price has been trapped within a narrow price range between $1,819 and $2,092.
Therefore, Ethereum’s daily Bollinger Bands are squeezed within this narrow range, indicating that a breakout is imminent in the near term.
$ETH/USD 1 day chart. Source: TradingView
Ethereum bull market struggles amid strong institutional support
Despite ending the past six consecutive months in the red, Ethereum has received significant support from institutional investors. Additionally, Ethereum has been accepted around the world as a digital commodity similar to Bitcoin (BTC) due to regulatory clarity, especially in the United States.
As the Middle East conflict continues, CryptoQuant’s on-chain data shows that the supply of Ethereum on centralized exchanges (CEX) continues to decline to around 16 million coins. Historically, $ETH The rise in CEX is directly related to the bullish outlook.
Ethereum exchange supply. Source:X
CryptoQuant data also shows that BitMine Immersion Technologies Inc. (NYSE: BMNR) is holding strong with 4,422,659 assets. $ETH The bag worsened amid a macro-bearish outlook for altcoins. At the time of writing, BitMine had approximately $7.34 billion in unrealized losses after purchasing 50,928 units. $ETH Last week’s value was $98.5 million.
BitMine Unrealized P&L. Source:X
Meanwhile, Arkham’s on-chain data analysis shows an accumulation of addresses associated with F2Pool founder Chun Wang. $ETH. Specifically, Arkham noted that Wang has deposited approximately $240 million into the Binance exchange over the past month and a half, and has already withdrawn $67.5 million worth of Ethereum in the past two weeks.
what happens next $ETH price?
From a technical analysis perspective, the Ethereum price remains in a bearish mood. moreover, $ETH The long squeeze has been fueled by large-scale liquidations of long traders in recent months as open interest (OI) has declined from about $42 billion since the beginning of the year to about $24.3 billion, according to CoinGlass.
On the 1 hour time frame, $ETH Cryptocurrency trader Lennart Snyder says prices are falling further. Therefore, Ethereum price must rise above $1,989 to confirm a bull run or fall below $1,919 to indicate bearish continuation.
$ETH/USDT 1 hour chart. Source:X
meanwhile, $ETH According to cryptocurrency analyst Satoshi Flipper, the four-hour price is forming a potential reversal pattern with a medium-term target of around $2,500.
