Ethereum continues to hold steady despite ongoing volatility, with ETH hovering just below the $4,500 mark. While sharp gains remain elusive, the asset is equally shielded from steep declines.
Strong investor accumulation is helping the altcoin king maintain stability, fueling optimism for a potential recovery in the coming days.
Ethereum Holders Continue Accumulation
Ethereum’s net exchange position highlights that ETH holders are once again moving toward accumulation. Over the past week, exchanges recorded outflows of more than 420,000 ETH, valued at roughly $1.87 billion.
These consistent outflows demonstrate optimism despite recent market swings. When investors move ETH off exchanges, it typically signals a reduced intent to sell, which bolsters the case for holding and reflects confidence in the asset’s long-term prospects.
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ETH Price Remains Bullish
From a technical standpoint, Ethereum’s RSI is currently positioned in the bullish zone above the neutral 50.0 mark. This placement indicates that the asset retains upward momentum despite fluctuations, reinforcing the potential for sustained growth if market conditions remain favorable.
What’s more, the RSI has remained in the bullish territory for most of the month, experiencing only brief dips into negative levels. This consistency hints that ETH is likely to continue benefiting from positive momentum.
Ethereum’s price is currently trading at $4,468, just shy of the $4,500 resistance. The altcoin has been consolidating near this level, demonstrating resilience even as broader market trends remain mixed. Given the supportive market sentiment and accumulation trend, Ethereum is poised to reclaim $4,500 as a solid support floor.
Successfully flipping this level could pave the way for ETH to challenge the $4,775 resistance in the coming days. However, it’s essential to note the potential downside risks. If bearish pressure builds, Ethereum could lose footing and slip to the $4,307 support level. A drop to this zone would invalidate the bullish thesis temporarily, raising concerns about deepening potential investor losses.
