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Ethereum 
$1,939 has captured attention by exhibiting a notable 2.5% increase in the last 24 hours. The buy signals indicated by the TD Sequential indicator have heightened expectations of price volatility among traders throughout the week. Consequently, the ETH price has reached approximately $1,648, prompting analysts to highlight several critical details in the technical outlook. Significant transactions by whales and diminishing selling pressure could also determine the market’s short-term direction.
Technical Indicators Support the Rise
Currently, Ethereum is moving around the $1,648 mark. The Relative Strength Index (RSI) has begun to signal an exit from the oversold region. However, this recovery has yet to solidify, with cautious optimism prevailing in the market. The MACD indicator presents a more positive outlook for traders; the MACD line hovering above the signal line, along with green histogram bars, is considered a technical sign supporting the upward expectation.
According to Ali Martinez, the signal from TD Sequential may foreshadow a strong directional shift for Ethereum in the short term. Additionally, Merlijn The Trader emphasized that the reversal in the stochastic RSI presents opportunities for investors. Technically, if the price tests the $1,632 middle Bollinger band and experiences an upward breakout, it could lead to a rise as high as $1,827. However, failure to maintain this level could allow for a pullback to the lower support seen at $1,437.
Whales Withdraw ETH, Exchange Supply Decreases
Alongside Ethereum’s technical signals, investor behavior has also become noteworthy. A group of investors reportedly withdrew 1,897 ETH from the Bitget exchange, bringing their total withdrawals to 3,844 ETH since April 3. These transactions are interpreted as significant indicators of long-term confidence in the market.
The reduction in ETH supply on exchanges further fuels hopes of decreasing selling pressure. Data from CryptoQuant indicates that the amount of Ethereum held on exchanges has plummeted to levels last seen in October 2024. This trend suggests that investors prefer to store their assets in off-exchange wallets, indicating a decrease in potential selling. Analyst Tom Tucker notes that global liquidity trends align parallel with Ethereum price movements.
For traders, the combination of technical indicators, whale transactions, and on-chain data presents a comprehensive picture to understand Ethereum’s future movements. During this process, not only support and resistance levels but also investor psychology and overall market trends seem poised to play critical roles.
