Ethereum continues to hold steady despite ongoing volatility, with ETH hovering just below the $4,500 mark. While sharp gains remain elusive, the asset is equally shielded from steep declines.
Strong investor accumulation is helping the altcoin king maintain stability, fueling optimism for a potential recovery in the coming days.
Ethereum Holders Continue Accumulation
Ethereum’s net exchange position highlights that ETH holders are once again moving toward accumulation. Over the past week, exchanges recorded outflows of more than 420,000 ETH, valued at roughly $1.87 billion.
These consistent outflows demonstrate optimism despite recent market swings. Investors moving ETH off exchanges typically signal reduced intent to sell, strengthening the case for holding.
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Ethereum Exchange Net Position Change. Source: Glassnode
From a technical standpoint, Ethereum’s RSI is currently positioned in the bullish zone above the neutral 50.0 mark. This placement signals that the asset retains upward momentum despite fluctuations, reinforcing the possibility of sustained growth if market conditions align.
The RSI has remained in the bullish territory throughout most of the month, only briefly dipping into negative levels. This consistency suggests that ETH is likely to continue benefiting from positive momentum.
ETH RSI. Source: TradingView
ETH Price Remains Bullish
Ethereum’s price is currently trading at $4,468, just shy of the $4,500 resistance. The altcoin has been consolidating near this level, showing resilience even as broader market trends remain mixed.
Given the supportive market sentiment and accumulation trend, Ethereum is poised to reclaim $4,500 as a support floor. Successfully flipping this level could pave the way for ETH to challenge the $4,775 resistance in the coming days.
ETH Price Analysis. Source: TradingView
However, downside risks remain if bearish pressure builds. In such a scenario, Ethereum could lose footing and slip to the $4,307 support level. A drop to this zone would invalidate the bullish thesis temporarily and deepen potential investor losses.
The post Ethereum Holders Keep Price Afloat At $4,500 – Here’s What’s Next For ETH appeared first on BeInCrypto.
