ETH price plunged below $2000, piercing through the pivotal support at $2100 and fluttering bearish flags over the crypto

On the other hand, the token is entering an important demand zone, which is expected to change the market dynamics for Ethereum

The ETH price plunged below $2000, piercing through the pivotal support at $2100 and fluttering bearish flags over the crypto

On the other hand, the token is entering an important demand zone, which is expected to change the market dynamics for Ethereum

In times when the Bitcoin price is facing massive bearish heat, Ethereum is experiencing an extended bearish action. The price is dumping hard compared to that of the star token, which raises huge concerns over the upcoming price action. Moreover, in the times when the second-largest token has broken down from the support held for nearly 3 years, the ETH price possesses a hidden bullish divergence. Therefore, it could be a good time to buy Ethereum, as the price is close to initiating a strong ascending trend soon. 

Whale Accumulation at its Peak

The whales have reportedly become extremely active as the markets collapse below the pivotal range. With the capitalization struggling to sustain itself above $2.6 trillion, it appears to be a good time for the whales to accumulate. As a result, the whale accumulation has reached its peak, regaining levels close to 2000 ETH. A popular crypto analyst, Crypto Rover, has pointed out similarities between the current accumulation and the previous one.

Back in 2017, the addresses holding ETH tokens between 10K and 100K began to accumulate ETH, which pushed the price towards new highs. Meanwhile, a similar accumulation was seen in July 2020 before the 2021 bull run; however, the levels remained restrictive within a range. However, a similar spike has occurred in recent times, which suggests that yet another bull run could be on the horizon. 

Ethereum (ETH) Price Analysis: Is it Heading to $1500?

Ethereum price volatility has increased since the start of 2024, which constantly pushed the price towards $4000 multiple times since then. Unfortunately, the bears who have capitulated the range restricted the rally below the range, triggering a massive pullback.

After breaking the ascending support that it held since July 2022, the token is facing equal bullish and bearish pressures. The weekly candles have almost formed a Doji candle, which suggests a major price action could be following.

The supertrend has turned bearish since the start of the month, which suggests the price may remain under bearish pressure throughout the month.

The weekly RSI is about to reach the lower threshold, and hence a rebound could be expected.

Therefore, the upcoming weekly close may have a massive impact over the next price action as the Ethereum (ETH) price continues to trade in a crucial juncture.