Here is a short-line update on Ethereum (ETH):
Current Price: ETH is hovering around $3,200 – $3,235, showing a recent drop of about 5-10% this week.
Trend: The price is consolidating and remains range-bound after facing rejection at key resistance earlier this month.
Key Resistance: The critical level to watch is the $3,500 – $3,600 zone. A break above this is needed to resume a strong bullish trend.
Key Support: Immediate support is near $3,170. Losing this could push the price towards the next major support around $3,000.
Institutional Flow: US-listed Ethereum ETFs have seen significant outflows recently (around $260 million on one recent day), reflecting general market caution.
Long-Term Signal: Despite short-term weakness, whales (large holders) are reported to be actively accumulating ETH, suggesting strong long-term conviction in the asset's ecosystem.
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