Ethereum (ETH/USD) price held a crucial support range between $1,755 and $1,800 as the United States hammered global markets with trade wars on Thursday. The large-cap altcoin, with a fully diluted valuation of about $217 billion and a 24-hour average trading volume of around $15.7 billion, rebounded above $1,800 on Friday, during the early Western financial markets, after trading below on Thursday
Amid the heightened fear of further crypto capitulation, following a significant spike in the odds for a global recession in the coming quarters, on-chain data shows whale investors have been on a buying spree for Ether. Moreover, Ethereum has heavily underperformed Bitcoin, despite the approval of spot Ether ETFs in the United States and Hong Kong.
For instance, a whale purchased 6,488 Ether on Thursday after the ETH price dropped to $1,772. On-chain data from CryptoQuant, whale investors, with an account balance of between 10k and 100k Ether, have progressively accumulated more coins to currently hold over 17 million coins. In the past 24 hours, Ethereum’s largest whales purchased more than 130k ETH.
From a technical analysis standpoint, Ether’s price, against the US dollar, has been trapped in a correction mode in the last quarter. However, Ethereum price has retested a crucial rising logarithmic support trend, in the weekly time frame, suggesting a potential reversal soon. In case of bullish sentiment ahead, Ether’s price is well positioned to regain $2,400 as a support level, which coincides with the weekly 200 Moving Average (MA).
However, a consistent close below $1,800 in the coming weeks will result in a rejuvenated capitulation, possibly towards $1,500.
ETH has underperformed due to market corrections, trade wars, and economic uncertainty, despite strong whale accumulation and ETF approvals.
If bullish momentum returns, ETH could reclaim $2,400 as support, aligning with the weekly 200 MA and key resistance levels.
Despite spot ETH ETF approvals in the U.S. and Hong Kong, Ethereum has lagged behind Bitcoin, showing mixed investor sentiment.
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