FX.co ★ Sud | #Ethereum chart analysis

Ethereum investors quickly resumed a strong buying spree, dispelling the brief sell-off that followed last week's setback with the Clarity Act in the US Senate. According to CryptoQuant's blockchain analysis, large wallets holding between 10,000 and 100,000 ETH sold as much as 140,000 ETH in just three days after Congress blocked the bill. However, since last Saturday, these influential wallets have rebounded sharply, buying a staggering 260,000 ETH. In contrast, retail and mid-cap investors have remained more diffuse. Wallets holding between 1,000 and 10,000 ETH have made only small allocations of 50,000 ETH over the past two days, after their balances remained relatively stable. Meanwhile, investors holding between 100 and 1,000 ETH continued selling, with total sales reaching approximately 140,000 ETH since the Clarity Act failed. Broader ETF flow data confirms this shift in market sentiment. The data shows that net withdrawals have exceeded net deposits in recent days, effectively offsetting the earlier surge in inflows. This suggests a healthy balance between buying on the dip and taking profits amid changing macroeconomic conditions. At the same time, institutional demand remains strong. US Ethereum ETFs saw net inflows for the fourth consecutive day, totaling $104.63 million, with major funds like BlackRock's ETHA and Fidelity's FETH being the most prominent. Despite the overall strength of the Ethereum network, caution is still warranted regarding the macroeconomic situation: Brent crude futures rose by nearly 3% due to signs of stalled diplomatic negotiations between the US and Iran. Global bond yields continued their upward trend, with the 10-year US Treasury yield surpassing 5.15% for the first time since June 2007, reflecting persistent inflationary pressures and a tight monetary policy. Technically, Ethereum's price performance remains positive. Recent derivatives liquidations totaled approximately $74.5 million, with the majority, $44.4 million, coming from closed long positions. Strong support was found near the 20-day exponential moving average (EMA). Ethereum (ETH) continues to hold above its short- and long-term moving averages, with momentum indicators such as the 14-day Relative Strength Index (RSI) at 63 and the Stochastic Oscillator near 75, suggesting a continued strong but not extreme uptrend. On the downside, recent horizontal support lies around $2,626, followed by the 20-day moving average at $2,564, and then a secondary support level at $2,544. These combined support levels form a strong short-term barrier designed to absorb minor pullbacks before deeper historical support levels at $2431 and the 50-day moving average at $2381 come into play. On the other hand, resistance levels lie at $2786 and $2894, with stronger resistance around $3177. If relevant indicators approach overbought territory, the buying momentum could face stronger profit-taking at this resistance level.