After experiencing 4 red months in a row, the minor rise in the Ethereum (ETH) price raises hopes of a green quarter ahead. In the times when the markets continue to display some uncertainty ahead of Trump’s new tariffs, the second largest token is displaying strength. While the lower targets at $1500 continue to remain active, the possibilities of a bear trap also appear to be quite evident. Therefore, similar to 2018 and 2022, the ETH price is expected to print massive bullish candles after facing consecutive bearish candles.
Ethereum Whales Wake Up
In the past few days, the ETH price has been facing massive selling pressure that has kept the price consolidated between $2000 and $2100. A popular analyst, Ali, reported a massive selloff of over 760,000 ETH in the last two weeks. On the other hand, an Ethereum OG, or the early investor who acquired 5001 Ethereum in 2017 at a base price of $277, has sold all his holdings.
As per the data from an on-chain reporting platform, Lookonchain, the OG had begun to sell his holdings a month ago, making a total profit of over $8.6 million with an initial investment of around $1.36 million. Interestingly, this whale did not sell during the ETH peak above $4800 that could have attracted over $23 million in profit. This indicates the whale may have either found a better offer or lost faith in the next price action.
Will a Rise Above $2500 in ETH Price Kick off an Altseason?
The Ethereum price is closely monitored as the token was printing massive bearish candles, squashing the possibility of a rebound back to $4000. Currently, the token is in such a position where defending $2000 has become an uphill battle. However, the token has been trying to revive a strong upswing at frequent intervals, but the weakness among the bulls prevented the token from securing levels above the gains. Meanwhile, the price has now triggered a rebound from a crucial support level; hence, the possibility of a rebound emerges.
The weekly chart of ETH displays an attempt of the bulls to remain within a bullish pattern, above the important ascending trend line. Ever since the price surged above $800 in Q4 2020, the token has been trading along an ascending trend line. The price is trying to hold the support at present and if the rebound is validated, the bearish clouds may fade away for a while. However, rising above the local resistance at $2081 and securing $2100 may pave the way for the token to test the higher resistance.
Besides, securing the levels above the 200-day EMA could validate a bullish continuation, and as the weekly RSI has formed a double bottom, an upswing is imminent. Therefore, the Ethereum (ETH) price is primed to maintain a healthy upswing but if it fails to hold, a drop to $1500 could be imminent. If this happens, the probability of an Altseason may fade away indefinitely.
