At the time of writing, ETH is up by 0.02% in the past 24 hours and down 1.41% in the past seven days. The current price of ETH is $1,194.49. ETH has also gained 0.28% against Bitcoin (BTC) in the past 24 hours, with one ETH worth around 0.07206 BTC.
Twitter user Ali (@ali_charts) recently shared a chart from blockchain analysis firm Santiment, which shows that ETH holders with large amounts (between 10,000 and 100,000 ETH) have sold or redistributed about 880,000 ETH since December 2022.
ETH is currently trading near the support level of $1,180.91. Bulls have intervened to try to boost the price and defend the support level. The daily Relative Strength Index (RSI) indicates that the support level may hold, but this will be confirmed if the daily RSI line crosses above the daily RSI Simple Moving Average (SMA) line within the next 48 hours. If the support level breaks, ETH's price could drop to the nearest support level at $1,160.06. If the bullish outlook is confirmed, ETH could move toward $1,201.76 and then $1,225.21 before making a move toward $1,277.34.
Ethereum Price Outlook: Support Levels and Potential Price Movement
Ethereum (ETH) is trading near the support level of $1,180.91. If this level holds, ETH could move towards higher prices. However, if the support level is broken, ETH's price may drop to the next nearest support level at $1,160.06.
The daily Relative Strength Index (RSI) can provide insight into the potential price movement of ETH. If the daily RSI line crosses above the daily RSI Simple Moving Average (SMA) line, it could indicate that the support level will hold, and ETH could potentially move towards higher prices. On the other hand, if the RSI line does not cross above the SMA line, it could suggest that the support level may be broken, and ETH's price could drop.
It's worth noting that ETH whales (holders with large amounts of ETH) have been selling or redistributing about 880,000 ETH since December 2022, according to data from blockchain analysis firm Santiment. This activity could potentially impact the price of ETH.
Overall, it's important to carefully monitor ETH's support levels and potential price movement to make informed investment decisions.
