Ether Price Faces Potential Pullback as Public Firms Increase Holdings, Buyers May Step In at Lower Levels
Main Idea
Ether's price is facing a potential pullback after reaching a peak, with institutional accumulation by public firms providing long-term stability, while key support and resistance levels are critical for short-term price movements.
Key Points
1. Ether retraced below the $3,745 support level after peaking near $3,860, reflecting short-term profit-taking.
2. Public firms SharpLink Gaming and BitMine Immersion Technologies have been actively purchasing ETH, with SharpLink holding over 360,000 ETH.
3. Technical indicators suggest Ether could test the 38.2% Fibonacci retracement level at $3,494, with potential further downside to $3,381 or the 20-day EMA at $3,234 if support fails.
4. A break above the $3,860 resistance could lead to a retest of the $4,094 mark, while failure to hold above the 50-SMA may drive prices down to $3,477 or $3,361.
5. Institutional buying by firms like SharpLink and BitMine could mitigate volatility and provide stability during market uncertainty.
Description
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