Ethereum (ETH) retested highs above the $1,700 mark in the last two days as its price received a positive boost from its determined shark and whale addresses. According to on-chain analytics firm Santiment, Ethereum has risen above $1,700 once more as key sharks and whale addresses remain strong. “Ethereum is above $1,700 once again, and the no. 2 market cap asset is within striking distance of a 5-month high. ETH prices are at their highest since the merge, and shark and whale addresses holding 100-100K ETH still hold nearly 47% of the supply,” it wrote. Per Santiment, whales holding 100-100,000 ETH have accumulated 1.88 million ETH since November 5. According to Christine Kim’s blog, Ethereum developers discussed a bug in the latest Shanghai release for the Geth EL client that was discovered on the Zhejiang test network. They agreed to move forward with launching Shanghai on the Sepolia test network later this month, on February 28, Wu Blockchain reports.
Key Levels
Resistance Levels: $2,300, $2,000, $1,700
Support Levels: $1,500, $1,300, $1,000
ETH/USD Daily ChartThe upside barrier at $1,700 looks to be weakening the ETH/USD bullish resolve to break higher as the price remains in a range. Due to a slight increase in positive momentum predicted by the medium-term oscillators, the consolidation of the ETH/USD pair since mid-January may continue. The neutral 50-level line is still being traded just above the relative strength index (RS).
On the other hand, a continuous rise above the daily moving average (MA 50) at $1,545 would cause buyers to strengthen their hold on the market and relieve bearish pressure on the 2nd largest cryptocurrency as ETH moves closer to extend consolidation. The $1,464 low from February 13 represents the next level of support on the downside and serves as a crucial recovery floor.
ETH/USD 4-Hour ChartEthereum (ETH) has been predominantly trading between the $1,700 and $1,500 levels, which correspond to the short-term resistance and support levels. The ETH/USD pair may be subject to a sudden positive spike if the 4-hour MA 50 crosses the MA 200 and the $1,700 breach is sustained. If buyers keep moving upward, resistance might surface close to $1,900.
If bearish pressures pick up the pace, the base created on February 13 at $1,462 will first act as a barrier to the pair moving lower. Last but not least, the ETH/USD pair continues to trade in a neutral to bullish manner. To establish a more clear short-term direction, a break of the mild consolidation zone up or above $1,700 is required.
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