The recent announcement of new tariff plans has left investors feeling uneasy, leading to the worst day for US stocks since 2020. The fear of further escalation and economic fallout is causing distress among investors. This negative impact is also being felt in the crypto markets, with Bitcoin and Ethereum trading in a consolidated range. While technical indicators point to a bullish outlook for the price of Ethereum, large holders of the cryptocurrency, known as whales, are not showing a lot of confidence.
There is a significant institutional presence in the market, with millions of dollars in liquidity flowing into exchanges. This influx of Ethereum into exchanges in the past 24 hours indicates a potential storm brewing that could affect the ETH price. According to data from The Data Nerd, major players like Grayscale, Blackrock, Wintermute, Andre Cronje, and James Fickle have all deposited substantial amounts of ETH into the market. Additionally, a whale recently scooped up nearly 6500 ETH, further adding to the uncertainty surrounding Ethereum’s price.
The price analysis for Ethereum shows that bears have been dominating the market, keeping the price within a descending range. However, the consolidation phase is expected to come to an end soon, with the possibility of a breakout towards immediate resistance levels. While the Accum/Dist indicator suggests ongoing distribution of the token, a resurgence in accumulation could lead to a price increase. The RSI indicator, on the other hand, shows a decrease in the strength of the rally.
Despite the uncertainty in the market, there is potential for Ethereum’s price volatility to increase over the weekend, presenting a buying opportunity for investors. In the long term, Ethereum remains under a bullish influence, with the possibility of reaching a new all-time high. As investors navigate the current market conditions, keeping an eye on both on-chain data and technical indicators will be crucial in making informed decisions about Ethereum investments.