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Eth bulls last as the price of bitcoin takes a dive


Key Takeaways:

  • Ether’s bullish structure remains intact even though the wider crypto market shows weakness.

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

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

After hitting an annual high $ 3,850 in Binance, Ether (Eth) showed a stronger resilience than Bitcoin (Btc) During the recent pullback. While the BTC has slipped into new ranges of $ 115,000, ETH continues to trade above a $ 3,500 support level, maintaining the bullish structure of the whole and potential vision of a move to $ 4,000.

In the four-hour chart, the ETH holds above the 50-day exponential transfer of average (EMA). In the one hour chart, it remains above the 200-day EMA, the sign of continuous strength throughout the lower time frames.

Ether Ether-Hour Chart. Source: Cointelegraph/TradingView

A potential opposite head-and-shoulders pattern forms a one-hour chart. A confirmed breakout above $ 3,750, a major resistance and descending trend, could send the price to $ 4,000.

The Crypto Analyst Byzantine General also sees the potential for ETH to revisit recent highs, Says The owner can prepare for “another stab wound to the high.”

However, if ETH loses a $ 3,500 level, bullish setup is probably invalid. In that case, the price can revisit the fair value gap between $ 3,150 and $ 3,300 before recovery.

Related: Eric Trump is ‘Catch -up’ Ether must be more than $ 8k as global M2 money money

Will the Ether will return to $ 3,100?

Ether (Eth) has shown noticeable strength against greater market weakness, mainly due to aggressive whales and institutional accumulation.

Since July 9, eight newly created whale wallets have gained 540,460 ETH, worth nearly $ 2 billion. Three wallets won another 74,207 ETH ($ 273 million) on Thursday, which signed a strong confidence in big investors.

Strategic accumulation of ether has also appeared in recent weeks. Handles in large corporations are almost double, rising to 2.3 million from 1.2 million to four weeks. Tom Lee’s investment firm, Bit Mine, who got 2666,119 ETH ($ 970 million) last week, now Holds 566,776 eth.

Strategic Ether Treasury Holders. Source: Strategicethreserve.xyz

However, a technical signal presents a short-term concern. Data indicated The ETH currently has a record of 245,000 ETH in purchase orders stacked on the Bid side of the Perpetual Futures Books, mostly between $ 3,000 and $ 3,400 ranges. This progress in demand indicates strong interest, but also features a liquidity gap below the current levels.

Through the area of the area books and derivatives that are tightly aligned, ETH can still sweep the purchase of this zone before continuing its climb. A short -term collapse towards $ 3,400 or even $ 3,100 remains on the table.

Ether bid-side liquidity. Source: Kiyotaka/x

Related: Ether is ‘knocking on $ 4,000’ and soon Bitcoin Outperform: Novogratz

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.