Ethereum consolidation around 2500 $
After reaching a historic high in April at $ 4,400, Ethereum is now at $ 2,500, testing current support. This drop in prices does not seem to disturb the mood of ETH whales as they are still in a growing trend, as confirmed by Documenting Ethereum. They also released the following data: that whale ETH addresses still revolve around record highs, and We see the long-term growth rate of ETH addresses from 10,000 to 100,000 tokens remains in the record zone despite the fall in May. Meanwhile, addresses with 10-10,000 tokens continue to fall. “
Ethereum addresses are still bulls in the long run as they continue to accumulate more coins. Ethereum documentation has shown us that 23% of ETH’s offer is locked in smart contracts.
Some functions of the Ethereum network, such as smart contracts, are widely used in the sectors of decentralized financing (DeFi) and irreplaceable token (NFT). This trend was significant in the previous growth in Ethereum, which broke the psychological price of 4,000 dollars.
The launch of ETH 2.0 in December 2020, which seeks to move the existing Consensus of Evidence Consensus (POV) to the Share Verification Platform (POS), has led more users to the Ethereum network. POS is considered a game changer because it is environmentally friendly and can cope with the challenges of high gas fees.
Looking at the ETH on the four-hour time frame, we see that we come across a barrier at $ 2650, while I am currently testing the moving averages of the MA20 and EMA50 and looking for support in them. For a more specific bullish sequel, we need a break above 38.2% Fibonacci levels and MA200, which would signify that bulls are slowly taking control of the price. If the bulls do not succeed in their attempt, we go back down to 23.6% Fibonacci level at $ 2350; a negative consolidation may further pull the price towards the previous low at $ 2250. Further below that is all a disaster for ETH.
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