- Ethereum whales reduced holdings, with 23 addresses selling off in the last week amid price fluctuations.
- ETH price breaks above $3,470, facing a crucial test at $3,660 after whale redistribution.
- Ethereum saw $85M in liquidations, with short positions accounting for a significant portion of the sell-offs.
Ethereum ($ETH) has been experiencing notable fluctuations in the past week. Ali Martinez’s Glassnode data shows that 23 of the largest Ethereum whales have sold or redistributed their holdings.
The mega-whale addresses holding more than 10,000 ETH saw a decrease, with the number of such addresses dropping from 1,329 on October 31 to 1,282 by November 2. This redistribution came at a time when Ethereum’s price was testing resistance levels.
Ethereum price stood at $1,313.91, reflecting a drop alongside the shift in whale activity. The movement of these large addresses has become a key factor in understanding recent market behavior..
Ethereum’s Testing $3,660 Resistance
Ethereum has recently tested the $3,660 level, a key resistance zone. The price surpassed the $3,470 level over the weekend, after struggling with rejections at that price point during the previous week.
Now, ETH is pushing toward the next hurdle at $3,660, which sits just above the 200-day Exponential Moving Average (EMA).
A decisive move above this resistance level could open the door for further upward momentum. If Ethereum successfully holds above $3,660, it may move toward the next key levels near $3,815. This could be driven by a confluence of the 50-day and 100-day EMAs.
Potential Support Levels and Market Dynamics
Despite recent bullish momentum, Ethereum faces potential downside risks. If ETH drops below the $3,470 mark, the next support could be near $3,100.
Market indicators, such as the Relative Strength Index (RSI) and Stochastic Oscillator (Stoch), are currently trending upward, suggesting that the market could remain in a neutral to bullish phase.
Ethereum also experienced $85.3 million in liquidations over the last 24 hours, with a significant portion of this coming from short positions. This volatility underscores the ongoing uncertainty in the broader crypto market, as large liquidations often precede more volatile price movements.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
