Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The price of Ethereum increased by about 1% in the last 24 hours, maintaining its proximity to the $2,000 level. But this is not the first time that Ethereum has tried to recover. In the last 10 days (between February 6 and February 15), eth experienced three separate bounces. Each showed initial strength but failed to continue the ascent.
The graphs now show why each attempt failed. The data also shows what needs to change for the Ethereum price forecast to finally turn bullish.
Sponsored
Sponsored
The ascending triangle shows a recovery attempt, but resistance remains
The price of Ethereum has been forming an ascending triangle since the beginning of February. This pattern is formed when buyers gradually push the price higher, while sellers constantly defend the same resistance zone.
An uptrend line shows buyers who enter first in any downtrend. but Resistance areas near $2,000 And $2,120 has stopped every jump so far.
There were three clear rebound attempts. On February 6, the price of Ethereum jumped 23%, but failed near $2,120. On February 12, the price rose 11%, but failed again under resistance. On February 15, the price rose by 7%, but eventually stopped below $2,000. Although the buyers returned each time, they could not escape.
A key indicator that supports the recovery attempt is the Chicken Money Flow (CMF). CMF measures buying and selling by large investors by combining price and volume. When the CMF is above zero, this indicates that buying is superior to selling.
Ethereum’s cmf crossed above zero on February 15th (during the third bounce attempt), and remains positive near 0.05. This indicates that large investors are starting to buy again. But purchasing power remains limited so far.
Want to learn more crypto token analysis like this? Subscribe to the daily crypto newsletter with the editor Harsh Notaria via This link.
This raises an important question: If buyers return, why does the Ethereum price continue to fall? The answer becomes clearer when you see whales and long-serving whales.
Sponsored
Sponsored
Increase in the sale of whales and long-term coins
Large investors reduced their exposure over the same period Test the price of Ethereum Recovery. Wallets containing a large amount of eth, known as whales, reduced their holdings from 113.92 million eth to 113.66 million eth. This equates to a decrease of about 260,000 eth, which is equivalent to about $500 million.
This shows that the whales are selling Ethereum while trying to recover Instead of supporting the price.
Other key data confirm this trend. The Net Holder Position Change indicator measures whether long-term investors are accumulating or selling the currency. When the indicator turns negative, it means that long-term holders are selling.
The net holder position change for Ethereum continued to be negative between February 3rd and February 16th (during the recovery phase). Sales also increased from -13,677 ETH to -18,411 ETH. This represents a 34% increase in sales pressure.
Sponsored
Sponsored
This period is crucial. All recovery attempts occurred during the same period of this oversold.
This explains why the price of Ethereum could not support its recovery. Even as new buyers came in, long-term holders of the currency and whales exited. But there is another reason why the $2,000 and $2,120 levels remain difficult to break.
The basic cost data explains why the price of Ethereum continues to fall close to $2,000
Purchase cost data shows where investors originally purchased Ethereum. These levels often become resistance areas when price returns to them.
The largest purchase cost block is currently between $1,995 and $2,015. More than 1.01 million Ethereum were purchased in this range. This causes strong sales pressure.
Sponsored
Sponsored
When the price of Ethereum returns to this level, many investors prefer to sell to recover their underlying investment. This increases the supply and prevents the price from rising further. This pattern corresponds to all three recovery failures.
Each retracement attempt remains near (or just above) this same cost base area. This confirms that the price of Ethereum must clearly break this level to start a stronger recovery. The price of Ethereum is now stuck between support and resistance.
The immediate resistance barriers are $2,000 (the most important currently) and $2,120. But now more detailed levels appear when using technical projections. If Ethereum breaks above the $2,120-2,140 area, the next upside targets could be $2,210 and $2,300.
Failure to break through resistance keeps Ethereum price moving sideways. Support remains near $1,895, and a drop below would nullify the attempted trend-led recovery. The charts show that recovery attempts are taking shape. CMF confirms return buyers. But the whale sale, the sale of long-term holders, and the resistance of the cost base continue to prevent a continuation of the upside.
Ethereum price prediction now depends on whether buyers will be able to finally absorb this selling pressure and break the resistance.
