After The Merge, Ethereum’s rich whales continue to attack

Is Ethereum out of breath? – Ethereum does the update the largest in its history and we can now see Ethereum working thanks to Proof of Stake. An update that allows a particular reduction in power consumption, which is nothing in the current context. Merge went well, but that didn’t stop the market from selling ETH. Yesterday, the asset lost almost 10% and it is like the famous “buy the rumor, sell the news”. Now that The Merge has passed, can the price be released or is this the event that allowed the price to recover in recent weeks? As the leader of altcoins, if Ether falls, all altcoins can be hit.

Ethereum back to $1,250?

The Merge is complete! Will this change help the price go up? First, the argument of power consumption may attract market players. Then the asset becomes deflationary. The effect of shortages will help the price increase in the coming months if the demand is there. In the meantime, the price remains the same worldwide bearish every week and, The Merge, does not change this situation:

The price of Ethereum against the dollar (1W)

Because the support of the $1,900Ethereum is trending bearish. So far, Ether has been created rejected for the second time in a few weeks at the level of institutional bias (EMA 9/EMA 18). The local end is brittle, it should be changed to an “M top” or a strong continuation. The two levels to be monitored are $1,400 and $1,800 :

  • A disastrous scenario : when the price falls and closes below $1,400sellers will regain control and Ethereum will probably join the bracket at $1,250.
  • Bullish scenario : when buyers push and cause the price to close above $1,800the price can destroy the OPPOSITION every week of $1,900 and continue its ascent towards shorts reload area Among the $2,500 and $3,000.

You got it, the hard zone is the weekly resistance to $1,900. For now, the price remains in the trend strengthas long as the last trough of $1,400 maintained. Buyers must block the above sellers $1,900but it has not been done.

The RSI shows FRAILTYbecause it always develops under bearish trendline. This weakness prevents the price from breaking out of the weekly resistance. On the other hand, the MACD shows a bullish divergence every week. This may allow the course to create a storage area. A sequence that can be between two important places every week, between $1,900 and $1,000.

Ethereum needs to revive the bullish momentum every day

Ethereum is stuck in $1,900but the course remains undecided:

Ethereum may join the reload zone if it closes below $1,400.
The price of Ethereum against the dollar (1D)

Buyers have the option to regain control in the event of a foreclosure $1,780. The price is still moving above the bullish trendline and he can use it for this time in the next few days. If the price breaks this trendline, sellers will prevail and they will likely bring the price to reloading area Among the $1,120 and $1,320.

Ethereum is wavering against Bitcoin

The price of Ethereum against Bitcoin is interesting to study. It helps to know if altcoins can outperform Bitcoin. The course is available in a ORDER in more than a year and buyers are struggling to cross the OPPOSITION :

Ethereum vs. Bitcoin: a range for more than a year.
Ethereum Price vs Bitcoin (3D)

While the price seems to have taken off and definitively left the range, Bitcoin has woken up and cast doubt on this chart. The trend remains strength, but be careful not to lose the last climb to the trough. the institutional bias well oriented rising and may allow for a further price rally, but buyers should show up.

Risk is taking rejected at the resistance level and find the bottom of the range, or break it. Altcoins are going to be huge riskbecause they have lost a lot of value against the dollar.

Momentum is encouraging as it moves over the bearish trendline. Buyers can take advantage of this, but the RSI should rebound to the level of bearish trendline. We feel that the war between buyers and sellers is not over.

To analyze in the chain : exchanges record strong Ethereum deposits

Ethereum deposits and withdrawals on exchanges

Exchanges record strong Ethereum deposits.
Ethereum deposits (green) and withdrawals (red) on exchanges Source: Glassnode

In the past few days, we have observed heavy deposit at the exchange level. Looks like the actors are up for sale after The Merge update. The last time there were strong deposits like this was in July 2022 and this marked the bottom of the market. We don’t know if the same scenario can happen again, but the actors seem to have fear. To complete this information, let’s look at the nature of whales.

Whales still focused on buying after The Merge?

the whales entities with more than 1,000 BTC in the portfolio. For Ethereum, which has a lower price than Bitcoin, it makes sense to look at players who have more 10,000 ETH :

Whales are targeted for purchase.
Number of addresses with more than 10,000 ETH Source: Glassnode

This graph is interesting because it shows the behavior players with large portfolios. After the distributed above, they seem to be in the process ofaccumulate in ETH. This does not in any way mean that the course can only go up, it means that the major players in the market continue to buy. We will see if this attitude changes in the coming weeks.

A speculation can be put in place by reading the two graphs. It is possible that the smaller players will panic and sell while the bigger players will continue to sell.heap. If this is the case, the course starts at strong continuity and likely block small sellers.

Ethereum remains generally bearish on a weekly basis as long as the price does not return above the resistance $1,900. In the shorter term, buyers should protect the latest rise below the $1,400 to avoid handing over dealers. In the event of a fence above $1,800, strong continuity can occur. At the level of analysis in the chain, whales continue to gather amid widespread fear of the aftermath of The Merge update. Does Ethereum have a market bottom at $880? Merge is good, of course, but the course remains undecided…

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