Despite Growing Uncertainty, Ethereum (ETH) Price Poised to Trigger a Strong Upswing and Mark New Highs

The Ethereum price continues to trade within a range-bound as the investors continue to remain sceptical about the following price action

The Ethereum (ETH) price has continued to trade in a range-bound manner on Saturday as investors remain skeptical about the next price move. Despite the growing uncertainty over the ETH price rally, the token is expected to register a strong upswing and hit new highs.

Investors are still distressed after the announcement of new tariff plans. Furthermore, the U.S. stocks had their worst day since 2020. As a result, investors are now worried about further escalation and economic fallout. The negative impact has been seen over the crypto market as Bitcoin and Ethereum remain in consolidation.

While the technical implications suggest a bullish outlook for the ETH price rally, whales do not appear to be confident enough. A major institutional tsunami is detected, which is expected to create serious atmospheric pressure. Millions of liquidity are hitting exchanges, which suggests a storm is forming that may shake up the entire market.

New on-chain data reveals a lot of ETH has been deposited into exchanges in the past 24 hours. This could be a matter of concern, as it may put enough pressure on the ETH price.

According to data shared by The Data Nerd, a well-known on-chain data provider, massive amounts of ETH have been transferred back into ETH. Grayscale deposited 16,247 ETH, worth $28.63 ETH; Blackrock deposited 10,000 ETH, worth $17.94 ETH; Wintermute deposited 34,634 ETH, worth $62.9 million; Andre Cronje deposited 2000 ETH, worth over $3.44 million; and James Fickle deposited 2.35K ETH, worth $4.19 million.

On the other hand, another whale scooped nearly 6500 ETH, spending 11.5 million USDC that could have kept the price consolidated above the crucial support. As seen in the chart above, Ethereum faces equal pressure on both sides, will whale accumulation outweigh the uncertainty caused by institutional ETH transfers?

Ethereum (ETH) Price Analysis

It’s a known fact that bears have been capitalizing on the ETH price for a long period, which has kept the levels restricted within a descending range. However, a major change could be expected soon as the token has reached the end of the consolidation.

However, technicians do not suggest bullish reversal or display any bullish divergence, which raises concerns over the next price action. The ETH price in the daily timeframe is approaching the tip of the falling wedge, which is expected to trigger a huge breakout towards the immediate resistance.

Meanwhile, the Accum/Dist suggests the token’s distribution is going on, and the price may begin to rise once the accumulation resumes. On the other hand, RSI remains consolidated inside the lower bands, suggesting a massive drop in the strength of the rally.

The bewildered on-chain data and skeptical technicals suggest that the Ethereum price volatility is expected to surge during the upcoming weekend, which could offer a good buying opportunity. However, in the long term, ETH price remains under acute bullish influence with the possibility of forming a new ATH.