Ethereum Near $4K Resistance: Possible Supply Squeeze and Whale Activity Suggest Cautious Outlook
Main Idea
Ethereum's price is struggling to break the $4,000 resistance due to whale activity, liquidation cascades, and macroeconomic uncertainty, with potential implications for future market movements.
Key Points
1. Ethereum is confined below the $4,000 resistance level due to coordinated whale activity and spot buying patterns, leading to repeated liquidation cascades.
2. Nearly $1.9 billion has flowed into ETH ETFs, while exchange reserves have decreased by 200,000 ETH, with the number of whale wallets holding over 1,000 ETH dropping by 100 in the past week.
3. Over $100 million in Ethereum long positions were liquidated within 24 hours, indicating strong market resistance and distribution by smart money.
4. Macroeconomic uncertainty, including the upcoming FOMC meeting, is impacting Ethereum's breakout potential, with ETH/BTC gaining 1.4% intraday and Bitcoin dominance slightly cooling to 61.25%.
5. The absence of renewed whale accumulation and the current market dynamics suggest that sustaining above $4,000 remains challenging, prolonging the consolidation phase.
Description
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