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Ethereum Struggles at $1.9K – Monthly and Bimonthly Charts Flash Bearish
As the price of Ethereum (ETH) struggles to regain momentum, bearish signs have intensified across multiple timeframes. The current market situation is a stark contrast from the recent surge that took ETH to over $2,000. Investors are now grappling with uncertainty as technical indicators flash cautionary signals.
Despite the unfavorable outlook on shorter-term charts, strong support levels and whale accumulation hint at a potential rebound. It appears that institutional players and long-term holders are unwilling to abandon ship, opting instead to accumulate more ETH in anticipation of a turnaround.
The recent downturn has led to ETH dipping below $1,900 for the first time since December 2024. This price level holds significant importance as it is supported by multiple buy stops and the psychological barrier at $1,900. As long as Ethereum remains above this point, the risk of a deeper correction appears limited.
The monthly and bimonthly charts have turned bearish, joining the three-week chart that has been in bear territory for some time now. This trifecta of negative signals is an ominous sign, indicating that a prolonged period of weakness could be on the horizon. However, it’s essential to consider the recent whale accumulation activity.
Whales are taking advantage of the current market instability by aggressively buying ETH, signaling a strong level of commitment to their long positions. Such buying pressure often serves as a contrarian indicator, as these large-scale investors tend to anticipate future price movements and adjust their portfolios accordingly.
Source: https://cryptonewsland.com/ethereum-struggles-at-1-9k/
