The recent minor rise in the Ethereum (ETH) price after four consecutive red months has sparked hope for a potential green quarter ahead. In the midst of market uncertainty surrounding Trump’s new tariffs, the second largest token is showing resilience. While the lower price targets at $1500 remain a possibility, there are also signs of a potential bear trap setting in. Drawing parallels to previous years like 2018 and 2022, it is anticipated that ETH price could experience a significant uptrend following a period of bearish momentum.
Ethereum Whales Stir Up Activity
Over the past few days, Ethereum has been experiencing significant selling pressure, leading to a consolidation between $2000 and $2100. Notably, a prominent analyst named Ali highlighted a massive selloff of over 760,000 ETH in the last two weeks. Additionally, an early Ethereum investor who acquired 5001 ETH in 2017 at a base price of $277 has liquidated their entire holdings. According to on-chain data from Lookonchain, this OG began selling their holdings a month ago, realizing a total profit of over $8.6 million from an initial investment of approximately $1.36 million. Interestingly, the whale chose to sell before ETH reached its peak above $4800, missing out on a potential profit of over $23 million. This decision could indicate a lack of confidence in future price movements or the pursuit of a better investment opportunity.
Potential for Altseason Triggered by ETH Price Surge
The Ethereum price is currently at a crucial juncture, with the token struggling to defend the $2000 level. Despite intermittent attempts to rally, bearish sentiment has prevented ETH from reclaiming higher price levels. However, a recent rebound from a key support level has reignited hopes for a potential upswing. The weekly chart for ETH reveals a bullish pattern forming above an important ascending trend line established after the price exceeded $800 in Q4 2020. The current challenge for ETH is to surpass local resistance at $2081 and solidify support above $2100, which could pave the way for further gains.
Maintaining levels above the 200-day EMA and confirming a bullish continuation could signal a positive trend for Ethereum. The double bottom formation on the weekly RSI also suggests an impending uptrend. Should ETH fail to sustain its current momentum, a drop to $1500 may be on the horizon, potentially dampening hopes for an Altseason. It is imperative for Ethereum to maintain its upward trajectory to capitalize on the bullish momentum and potentially trigger a broader market rally.