#Crypto Market Rebound#  Ethereum Bears Sold $2.5 Billion: Will ETH Price Be Affected?

Ethereum has been trading sideways this week, helping the altcoin break out of a nearly three-week downtrend. Despite facing bearish signals like whale sell-offs, Ethereum’s price has managed to remain stable.

This stability is fueling expectations of an impending breakout and paving the way for a potential rally.

Ethereum Whales Are Selling

Whale addresses are currently in a bearish trend, as several large investors have begun liquidating their positions.

Over the past 48 hours, addresses holding between 1 million and 10 million ETH have sold 1.06 million ETH, worth around $2.57 billion.

Whale sell-offs typically put downward pressure on the price and signal a potential bear market. In this case, however, Ethereum’s price has held its own, suggesting that the market is resilient.

Looking at Ethereum’s macro momentum, the IOMAP (In Profit/Loss Around Price) chart reveals a significant demand zone for ETH. This zone holds 65.83 million ETH worth over $159 billion.

These assets were purchased between $2,349 and $2,421, creating a strong support area.

Since a large number of investors who purchased ETH in this price range are unlikely to sell at breakeven or at a loss, it is difficult for the price to drop below this important support.

This demand zone acts as a solid cushion for Ethereum’s price from sharp declines. The support from these investors is helping to keep Ethereum’s price stable despite the recent selling pressure.

As a result, it is unlikely that the price will drop sharply below $2,344, otherwise it would signal a more significant bear trend.

ETH Price Stagnates

Ethereum’s price is currently trading at $2,424, just below the critical $2,476 resistance.

Despite the lack of a significant increase, the sideways movement has allowed ETH to break out of its three-week downtrend. This phase of price stagnation is setting the stage for potential upward momentum.

The factors discussed earlier suggest that Ethereum could continue to consolidate between $2,344 and $2,476 or potentially break the resistance.

If Ethereum manages to turn the $2,476 level into support, it is likely to rally to $2,606. This would signal a significant breakout and could attract more buyers to the market.

On the other hand, if the overall market conditions become extremely bearish like last week, Ethereum’s price could fall below $2,344 and drop to $2,205.

A drop below this support would invalidate the current bull thesis and could potentially signal further declines.

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