Both major investor behavior in Ethereum and technical outlooks in the ETH/BTC parity have recently reinforced the seller’s atmosphere in the market. In particular, the charts tracking the market positions of large wallets called whales do not show any signs of recovery yet.
Whales still in the negative
Ethereum Whale and Individual Investor Delta data shared by CW show that the weighting of major investors in Ethereum has remained in the negative territory in recent weeks. As this Delta indicator remains below zero, it becomes clear that whales are taking more seller positions than small investors.
Although the Ethereum price has been close to the $ 2,300 level recently, whales are not clearly moving on the buying side. In the delta chart, it was seen that positive regions corresponded to stronger increases in previous periods; However, the current negative Delta reading reveals that there is still a cautious and bearish whale sentiment remaining on Ethereum.
It is reported that as Ethereum’s whale-individual Delta indicator remains negative, the price may remain under pressure near these levels, and in a deeper decline, the seller’s outlook may strengthen.
If there is a rapid change in whale positions and Delta rises above zero, it could signal a recovery in investor sentiment. However, for now, the chart continues to remain on the whale-dominated sell side.
Failure to overcome upper resistance in ETH/BTC bearish channel
Technical analysis on the ETH/BTC parity also indicates that the pressure on the Ethereum wing continues. According to the charts shared by Bitcoinsensus, ETH/BTC has been stuck between downward trend lines for a while.
Attempts to break out to the upper band in the parity failed many times, and each time the price was pulled down again. Even if reaction purchases come to the lower trend line, these movements are not enough to change the weakness in the general structure. Currently, the pair is looking for balance at the point in the middle of the channel.
While efforts to establish a position in the middle of the channel in ETH/BTC come to the fore, an upward movement in the price from here to the upper band may question the current downward trend. Otherwise, Bitcoin’s superiority over Ethereum may continue.
In the technical view, if the price cannot break through the upper crust, the pressure within the channel is likely to continue. This causes Ethereum investors to be cautious in the short term.
Cautious atmosphere throughout the market
Both the whale movements and the channel in the ETH/BTC parity show that the price must reclaim critical levels in order to establish upward confidence in Ethereum. At this stage, the risk appetite of large investors remains low.
Market followers state that a new medium-term movement may begin, depending on which way ETH breaks its balance around $ 2,300. Investors continue to closely monitor breakout signals on current charts.
