Bitcoin

ETH Bulls Hold Steady As Bitcoin Price Takes A Dive

The main dishes to remember:

  • Ether’s bullish structure remains intact even if the wider cryptography market shows weakness.

  • More than 540,000 ETH have been accumulated by new whale wallets since July 9.

  • A concentration of purchase orders between $ 3,000 and $ 3,400 increases the risk of liquidity scanning before a rally to new heights.

After reaching an annual summit of $ 3,850 on Binance, Ether (ETH) showed a stronger resilience than Bitcoin (BTC) during the recent withdrawal. While BTC has slipped to new low-end at $ 115,000, the ETH continues to be negotiated above the support level of $ 3,500, keeping its bullish structure intact and potentially looking at a movement around $ 4,000.

On the four-hour table, ETH holds above the exponential mobile average of 50 days (EMA). On the one hour graph, it remains above the 200-day EMA, signaling a continuous force within the main lower times.

One hour graphic ether. Source: Cointelegraph / TradingView

A potential head and reverse shoulder pattern forms on the one hour table. A confirmed escape greater than $ 3,750, a key resistance and a descending trend, could send the price to $ 4,000.

Byzantine crypto analyst General also sees the potential of the ETH to review the recent summits, declaring that the assets could prepare for “another stab at the tops”.

However, if the ETH loses the level of $ 3,500, the bullish configuration would probably be invalidated. In this case, the price could review the difference of fair value between $ 3,150 and $ 3,300 before a recovery.

Related: Eric Trump “ Okay of the ether should exceed $ 8,000 as Global M2 Money Monte

Will he retest $ 3,100?

ETHER (ETH) has shown a notable force against a broader weakness of the market, largely due to the aggressive whale and institutional accumulation.

Since July 9, eight newly created whale portfolios have raised 540,460 ETH, worth almost $ 2 billion. Thursday, three portfolios increased by $ 74,207 million (273 million dollars), making strong confidence among major investors.

The strategic ether accumulation has also increased in recent weeks. Assets among large companies have almost doubled, reaching 2.3 million, compared to 1.2 million in four weeks. Tom Lee’s investment company, Bit Mine, which acquired 266,119 hours ($ 970 million) during last week, now holds 566,776 ETH, worth 2.06 billion dollars, making it the largest ether treasure among institutional entities.

Strategic Ether Creastboard. Source: Strategicethreve.xyz

However, a technical signal has a short -term concern. The data indicated that ETH is currently a record of 245,000 ETH in the purchase orders stacked on the side of the supply of perpetual term books, mainly between the fork of $ 3,000 and $ 3,400. This increase in the request signals a strong interest, but also highlights a liquidity difference below the current levels.

With the books of spots and closely aligned derivatives, ETH could always sweep this area of purchase before resuming its upward trend. A short -term drop to $ 3,400, or even $ 3,100, remains on the table.

Liquidity on the side of ether auction. Source: Kiyotaka / X

Related: Ether will “strike $ 4,000” and outperform Bitcoin soon: Novogratz

This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.