Ethereum (ETH) is currently navigating a critical turning point as on-chain and technical signals send mixed messages. While technical indicators suggest growing bullish momentum, whale behavior is flashing caution, creating uncertainty for investors as ETH flirts with the $2,900 resistance zone.
The price of Ethereum is hovering near a key resistance level, trading between $2,900 and a support level of $2,679. The next few days could determine the coin’s short-term direction, depending on whether it breaks through the upper resistance or falls below the lower support.
BBTrend Indicator Flashes Bullish Reversal
One of the clearest bullish signs comes from the Bollinger Band Trend (BBTrend) indicator, which measures the strength of directional movement in price relative to Bollinger Bands. On June 13, BBTrend surged from -3 to 4.99 — a significant shift from bearish to bullish territory.
A BBTrend reading above 0 indicates increasing upward momentum. The recent 4.99 spike suggests that buying pressure is building and could push Ethereum toward the $3,000 mark if resistance levels are breached. Historically, such jumps in BBTrend often precede price rallies, giving bulls reason for optimism.
This technical momentum aligns with Ethereum’s broader performance in recent weeks, where it has managed to hold above the $2,600 level even amid broader market corrections.
Whale Activity Tells a Different Story
Despite the bullish chart signals, on-chain data reveals a more cautious stance from large ETH holders. The number of Ethereum whale wallets — those holding between 1,000 and 10,000 ETH — has declined for seven consecutive days. The count dropped from 5,427 to 5,378 in just over a week, indicating a notable pullback in institutional and high-net-worth investor activity.
Such a decline in whale wallets is often seen as a bearish indicator. It may suggest profit-taking, a reduction in exposure due to perceived risks, or a temporary lack of conviction in ETH’s near-term price action.
Historically, increases in whale wallet counts have signaled accumulation and confidence in long-term growth. The recent drop, therefore, could imply hesitation as the market evaluates the strength of ETH’s current rally.
Price Stuck Between Support and Resistance
Technically, Ethereum remains range-bound, caught between strong resistance at $2,900 and significant support at $2,679. The coin recently attempted to break through the $2,900 level but was rejected, pulling back toward the lower boundary of the range.
If ETH manages to push past $2,900 and turn it into a support zone, the next major target is $3,000 — a psychological and technical barrier not seen since February 1. A breakout above that could reenergize bullish sentiment and drive further inflows.
Conversely, if ETH loses support at $2,679, it could slide toward $2,479 and even $2,326 in a more bearish scenario. With declining whale participation, any such breakdown could accelerate due to reduced buy-side liquidity.
Institutional Behavior Could Shape What’s Next
The divergence between technical indicators and whale activity highlights a growing tension in the market. On one hand, bullish traders point to Ethereum’s strong fundamentals, rising decentralized finance (DeFi) activity, and a healthy BBTrend reading as signs of strength.
On the other, the persistent decline in whale holdings could weigh on market confidence. These large investors typically play a critical role in supporting price stability during volatile periods. Their withdrawal may increase short-term risk, particularly if bearish macro factors come into play.
Will ETH Hold the Line?
The market is now watching closely to see whether Ethereum’s bulls can regain control. If buying momentum continues and whales return to accumulation mode, a breakout toward $3,000 could materialize. However, if resistance holds and whale counts keep falling, a deeper correction may unfold.
As of now, Ethereum’s price direction hinges on whether bulls can reclaim the $2,900 zone or if bearish sentiment from large holders pushes the coin into a downward trend. Traders and investors alike will be closely monitoring both technical and on-chain metrics for the next decisive move.
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