Ethereum Stuck in Narrow Range as Whale Stakes Huge Amount
Ethereum's price has been stuck in a narrow range between $1,850 and $1,950 since June, with traders watching for a break above or below this key resistance level. According to Pluang, Ethereum is currently trading around $1,865 with a market cap of $225 billion.
A large whale has withdrawn 112,000 ETH from exchanges over the past three weeks and staked all of it, signaling long-term holding intentions. Despite significant staking activity, ETH's price remains flat, reflecting cautious market sentiment.
Traders are divided on the potential outcome, with some targeting $2,100 if a break above $1,950 occurs, while others see a drop below $1,850 as a risk to $1,750. An analyst from More Crypto Online warns that Ethereum's recent rebound is likely corrective, not a strong recovery, with the $1,820 level being crucial for a deeper sell-off or rebound.