Ethereum (ETH) showed signs of recovery after a sharp drop caused by the Hack of Bordeau, which had an impact on its price. Despite this rebound, ETH is still down by almost 18% in the last 30 days, reflecting continuous volatility.
In particular, the ETH RSI rebounded at 58.6 compared to a hollow of 39.2 during the sale, indicating a renewed purchase pressure. This resumption of RSI suggests that the feeling of the market is gradually improving, potentially preparing the way for new price gains if the momentum persists.
ETH RSI recovered from the recent decrease
The ETH RSI is currently at 58.6, a notable increase compared to the level of 39.2 which it reached after the hacking of statement had a significant impact on its price.
The resumption of RSI reflects the purchase dynamics that the ETH has won since the sharp decline.
This upward movement in RSI suggests that the purchase of pressure has returned, helping the Ethereum price stabilized and potentially opening the way to new price gains if the momentum continues.
RSI, or relative force index, is a momentum oscillator which measures the speed and variation of price movements. It varies from 0 to 100, with thresholds at 30 and 70.
A RSI less than 30 is generally considered to be, indicating potential purchase possibilities, while a RSI greater than 70 is considered to be a surraschat, signaling a possible price correction.
The ETH RSI is currently at 58.6, positioned in a neutral area but leaning towards the bullish momentum. This level suggests that Ethereum still has room to develop before reaching the exaggerated territory, potentially leading to a continuous assessment of prices because the purchase of interest remains stable.
Ethereum whales accumulated after piracy by Bybit
The number of Ethereum whales – The addresses holding at least 1,000 ETH – increased regularly in the last month, from 5,680 on January 25 to 5,828 on February 22.
This has marked the highest level since December 2023, signaling a renewed interest and an accumulation among the big holders. The increase in whale addresses suggests that institutional investors or wealthy individuals take up positions, potentially anticipating future price gains, in particular between February 21 and February 22, when ETH prices decreased to the Continuation of statement hacking.
This growing accumulation could provide a solid base for the price of ETH to increase.
The follow -up of Ethereum whales is crucial because their purchasing and sales behavior can have a significant impact on the market.
When whales accumulate, it reduces the supply in circulation, which increases prices as demand responds to reduced availability. Conversely, when they sell, this can create a significant drop in prices.
Currently, the increase in whale addresses indicates growing confidence and bullish feeling among major investors.
Although it has been the highest level since December 2023, it is still relatively low compared to historical data. This suggests that there is room for more accumulation. If this trend continues, it could lead to a sustained movement upon the price of the ETH when demand exceeds supply.
Will Ethereum finally come back above $ 2,900?
The EMA of Ethereum lines suggest that a golden cross could be formed soon. A golden cross generally signals an upward trend and a potential ascending momentum.
If this happens, Ethereum could first test a price level near its long -term line (the blue line in the graph) approximately $ 2,876. The breakdown of this resistance could open the door for a move to $ 3,020.
If the upward trend continues with strong dynamics, ETH could even reach $ 3,442.
However, ETH struggled to recover levels above $ 2,900 in recent attempts, reporting possible resistance and hesitations on the market.
If it does not reach once again and a downward trend begins, the ETH price could test the support level of $ 2,551. The loss of this support could lead to a clearer drop, which can be reduced to $ 2,159.
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