Ethereum (ETH) is facing a crucial moment as mixed signals emerge across technical indicators and on-chain metrics. While the BBTrend has flipped sharply bullish, indicating a strong potential for upward momentum, the continued decline in whale activity casts a shadow over ETH's near-term outlook.At the time of reporting, ETH is trading near $2,750, approaching key support at $2,679, while resistance looms at $2,900, a level it failed to break earlier this week.
BBTrend Surges to 4.99—Momentum Turns Bullish
Ethereum’s BBTrend (Bollinger Band Trend) has surged from -3 to +4.99, signaling a dramatic swing in momentum. BBTrend measures the directional strength of price action relative to Bollinger Bands—values above zero indicate bullish strength.
A reading of 4.99 is considered strongly bullish and often hints at breakout potential, provided the trend holds. Traders are closely monitoring whether ETH can capitalize on this shift to reclaim $2,900 and possibly break toward the psychological barrier at $3,000, a level not seen since February 1.
Whale Activity Continues 7-Day Decline
Despite the bullish BBTrend, whale behavior tells a different story. The number of ETH whale wallets holding between 1,000 and 10,000 ETH has dropped from 5,427 to 5,378 over the past ten days, marking seven consecutive days of decline, according to IntoTheBlock data.
This consistent reduction suggests institutional investors may be exercising caution, potentially signaling profit-taking or a lack of confidence in ETH's immediate upside potential.
Whale behavior is often a proxy for broader market sentiment. If large holders continue to reduce positions, it could add downward pressure and trigger a wave of volatility.
Ethereum Eyes $2,679 Support—Break Could Trigger Deeper Slide
On the chart, ETH is trending just above its critical $2,679 support. A failure to hold this level could open the door to steeper losses, with potential downside targets at $2,479 and $2,326.
These zones are key inflection points. A breakdown would likely signal a broader market structure shift, leading to more aggressive selling.
However, if bulls regain control and flip $2,900 into support, Ethereum could begin a new leg upward toward $3,000. Such a move would likely attract sidelined investors and reaffirm bullish conviction.
With on-chain metrics diverging from technical momentum, Ethereum’s next few trading sessions could prove pivotal for both short-term traders and long-term holders.
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