Ethereum is struggling #الإيثيريوم to break out of the last consolidation range, with price movements remaining between $2,681 and $2,476. Despite attempts to escape this range, Ethereum has returned to this area, leaving investors in a state of uncertainty.
However, there is growing optimism within the market as Ethereum continues to see significant interest from investors. This support from the increasing number of new wallet holders suggests the possibility of a breakout in the near future.
Investors #الإيثيريوم are confident in achieving gains.
The number of new wallets on the Ethereum network has been rising sharply, indicating strong confidence among investors. Since mid-May, the number of new wallets created each week has increased from 800,000 to a million.
This figure is well above the 560,000 to 670,000 new wallets observed during the same period last year. The growth indicates a high level of investor interest, as many believe that Ethereum will achieve profits in the near term.
Growth of the Ethereum network.
The overall momentum for Ethereum is also showing positive signs. The recent increase in whale activity is a particularly noteworthy development. Addresses holding between 1,000 and 10,000 Ethereum have seen a sharp increase in their holdings, rising to 14.3 million Ethereum, or about 18.6% of the total circulating supply.
The increasing concentration of Ethereum in the hands of whales reflects their confidence in Ethereum's long-term potential. This is often seen as an indicator of price recovery, as whales tend to have a significant impact on price movements.
Distribution of Ethereum supply.
Can Ethereum's price find an exit?
Ethereum is currently trading at $2,564 and remains stuck within a consolidation range between $2,681 and $2,476. Despite recent volatility, Ethereum has not been able to break free from this price range. Until it can secure a move above $2,681, the price is likely to remain within this narrow range, with a quick reversal of sharp moves in either direction.
However, based on the growth in network activity and whale accumulation, Ethereum may be on the verge of a breakout. A successful breakout of the resistance level at $2,606, followed by a move above $2,681, would indicate that the consolidation phase is nearing its end. If these levels are confirmed, Ethereum's price could rise to new record levels.
Ethereum price analysis.
On the other hand, if broader market conditions fail to match investor optimism, Ethereum may continue to consolidate within the current range. A drop below the support level of $2,476 would indicate a bearish shift, potentially sending Ethereum to lower levels. This could challenge the optimistic outlook for Ethereum and delay the expected breakout.
