For nearly a month, the price of Ethereum (ETH) has been consolidating in a narrow range between $1819 and $2092. Daily Bollinger Bands Ethereum are narrowing in this range, signaling an imminent breakout.
ETH/USD exchange rate change per day. Data: TradingView
Despite six months of gradual price decline, ETH has received significant support from institutional investors.
According to CryptoQuantBitMine Immersion Technologies Inc. is holding on to its 4,422,659 ETH despite a bearish macroeconomic outlook for the altcoin. BitMine’s unrealized loss is currently estimated at $7,34 billion after purchasing an additional 50,928 ETH last week for $98,5 million.
BitMine’s unrealized profit/loss. Source: X
From a technical analysis perspective, Ethereum’s price remains in a bearish trend. According to CoinGlass, ETH’s decline over the past few months has been driven by massive liquidation of positions by traders, amid a decline in open interest from approximately $42 billion at the beginning of the year to the current $24,3 billion.
According to crypto trader Lennart SnyderOn the hourly timeframe, ETH’s price continues to decline. Therefore, to confirm the bullish trend, the altcoin’s price must rise above $1989 or break through $1919.
Today, following Bitcoin эфириум rose above $2000, but any correction in BTC will most likely lead to the loss of the achieved mark.
According to the cryptanalyst Satoshi Flipper, on the four-hour timeframe, the ETH price is forming a potential reversal pattern with a medium-term target of around $2500.
