ETH's BBTrend Value Rose from -3 to 4.99: A Rise Towards the $3,000 Level May Be Coming

Ethereum (ETH) is trading in a critical price range while giving mixed signals in technical indicators. The BBTrend indicator was at -3 a day ago, but quickly rose to 4.99, providing a strong upward momentum signal. However, the ongoing decline in whale wallets over the last 7 days indicates that institutional investors are approaching cautiously. ETH is currently trapped between resistance at $2,900 and support at $2,679, and a breakout or decline from these levels will determine the market's direction.

Ethereum BBTrend Indicator Indicates Upward Movement

The BBTrend (Bollinger Band Trend) indicator measures the direction and strength momentum of the Ethereum price. Values above 0 reflect an upward trend, while values below 0 reflect downward pressure. Recently, the value rising rapidly from a negative level like -3 to 4.99 indicates that a strong bullish momentum has formed in the market. If this rise continues, traders may see it as a significant market reversal and herald a new rise towards the $3,000 level.

Decrease in Number of Whales Over 7 Days: Is Institutional Confidence Decreasing?

The number of Ethereum whales, meaning large addresses holding between 1,000 and 10,000 ETH, has decreased to 5,378 over the last 7 days. This indicates that institutional investors are acting more cautiously, even in an environment where open positions in futures have reached an all-time high. A decrease in the number of whales is generally interpreted as profit realization, risk reduction, or a lack of confidence against price movements. This situation could weaken price support and lead to increased volatility. If this decline continues, downward pressure on ETH price may increase, raising the risk of a market pullback.

Ethereum Approaching Critical Support Level

While ETH struggles to break the $2,900 resistance, it approaches the critical support point at $2,679. If this support is broken, the next targets could be $2,479 and then $2,326. A sustained decline below these levels could indicate a negative change in the short-term market structure, increasing selling pressure. The decrease in whale activities and general market caution indicates that Ethereum is currently at a critical technical threshold.

Results and Possible Scenarios

The strong bullish signal in the BBTrend indicator suggests that buying pressure may increase. If ETH can break above the $2,900 resistance, it may open the door to a strong rally towards the $3,000 level. This could support the bullish sentiment in the market and rekindle the interest of sidelined investors. However, for the bulls to sustain this movement, they need to first establish $2,900 as a solid support zone.


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