- Ethereum is trading at above $2,060 following a 14.1% spurt with strong resistance caging $1,860 lows.
- More than 4.5 million addresses collectively hold 5.58M ETH at $1,805-$1,857 creating potential for a sell off over time.
- Support is strong at $1,793.29, with traders looking for a sustained move above $2071.72.
Despite the correction that led to it settling just below the psychological level of $300, Ethereum (ETH) continued the recent upward momentum on Wednesday as it surged past the important resistance area to attract attention from traders and analysts.
According to data from Coingecko, ETH is trading at a little over $2,063.64 representing 14.1% increase in value. The move indicate a stellar rebound for the number two cryptocurrency by market capitalization as it trades through historically congested price zones.
ETH Faces Heavy Resistance as 5.58M Tokens Cluster Near $1,857
The Ethereum is now facing a huge resistance level of $1,805 – $1,857 as per blockchain data. A combined 5.58 million ETH was accrued by approximately 4.54 million wallets in this range. The peak concentration of previously obtained tokens in this band points toward a possible sell-off as some of the holders might consider exiting at breakeven/risk-reward or lock in recent gains.
This area formerly functioned as resistance in prior price fluctuations, and traders will keenly observe whether ETH can further drive its momentum beyond $2,071.72-its next critical resistance level from recent price movements.
Support Holds Firm at $1,793
Meanwhile, as attention centers on resistance, Ethereum’s nearest support level is around $1,793.29. It has been argued that this trigger level could act as a vital buffer if a short term retracement develops. If price action stays above this level these may be signs of more widespread market confidence and can open the door to resumed accumulation.
Ethereum’s current daily trading range spans from $1,793.29 to $2,071.72, reflecting strong intraday volatility but also reinforcing its upward direction in the near term.
Broader Trends and Market Behavior
Although recent gains have been made, Ethereum’s market tendency still sounds with caution from market players. With the price rising, the thick wallet concentrations around the current levels and the $2,100 mark could dampen bullish speculations.
Consequently, volume & sentiment indicators will be very critical to whether or not ETH can sustain this pace or whether there is likely to be a consolidation period. The near-term outlook still hangs on whether Ethereum can transform these resistance zones into reliable support levels and revert its medium term trend.
