🎯 ETH Eyes 50% Surge — Will the Rounded Bottom Deliver?
Tuesday saw greater Ethereum distribution among long and short-term holders.
Whale and institutional purchasing pressure has offset the selling, stabilizing prices.
After shifting his entire ETH holdings to Kraken, Ethereum co-founder Jeffrey Wilcke caused controversy.
ETH might rise over 40% if a rounded bottom is confirmed.
Ethereum (ETH) maintained over $2,500 on Tuesday despite investors selling more due to profit-taking and loss realization.
As prices exceed $2,500, ETH's futures bubble charts show red bubbles, indicating overheating or increased trading volume.
According to IntoTheBlock, investors bought 70.78 million ETH between $2,348 and $2,548, matching the estimate. Investors may be sensitive to prices sliding approaching their cost basis, increasing volatility around $2,500.
With prices approaching $2,500, heavy volume activity has increased realized profit and loss, with investors recording about $300 million in gains and over $60 million in losses in the previous two days, according Santiment statistics.
On Tuesday, Nasdaq-listed BTCS bought 3,450 ETH for $8.42 million, bringing its total to 12,500. According to Lookonchain, digital asset investment company Abraxas Capital bought 46,295 ETH on Monday, bringing its total since May 7 to 350,703 ETH.
On Tuesday, Ethereum co-founder Jeffrey Wlicke transferred virtually his entire 105,737 ETH balance to Kraken, causing a negative rise.
Coinglass data shows Ethereum futures liquidations of $71.83 million in 24 hours. Long liquidations total $41.02 million and short liquidations $30.81 million.
ETH's weekly chart has been choppy since its May 8–11 surge. Near the $2,530 resistance, just short of the $2,500 psychological mark, buyers and sellers have fought to dominate.
ETH tried to form a rounded bottom pattern before encountering resistance at the 50-week SMA. ETH might break over $2,850 to confirm the rounded bottom pattern if new demand appears and the 50-, 100-, and 200-week SMAs become significant support levels.
