The Ethereum (ETH) prices remain in a tight range, tepid, and below the psychological resistance levels at $1,900 and $2,000, respectively. From the daily chart, the path of least resistance, at least in the short-term, is southwards.
Specifically, the anchor bar of July 6 defines the current price action. Since it is bearish, the odds of ETH crumbling in the days ahead remain elevated. Nonetheless, the confidence from bulls is due to the sharp expansion of prices from mid-June and the continued rejection of lower lows below the $1,800 and $1,820 support zone, evident in the daily chart.
Vitalik Buterin Moves Coins to OKX as Justin Sun Unstakes Millions
Despite the bearish preview and the failure of bulls to press higher, the uptrend remains at least from a top-down preview. Currently, Ethereum prices are within a bull flag, and a squeeze is forming in the daily chart as price action moves in a tight horizontal zone.
Amid this technical formation, news that an address associated with Vitalik Buterin, the co-founder of Ethereum, has moved over 2,000 ETH to OKX, a crypto exchange, is dampening sentiment. Typically, such transfers are associated with liquidations, which could heap more pressure on ETH.
A giant whale associated with #VitalikButerin deposited 2,013 $ETH ($3.76M) to #OKX 2 hours ago.
The address"0x9e92", which is frequently transferred from/to this whale, received 22,300 $ETH ($41.6M) from #VitalikButerin from Dec 30, 2022 to May 18, 2023. pic.twitter.com/TcLQ1qdo3b
— Lookonchain (@lookonchain) July 11, 2023
The news is hot on the heels of Justin Sun, the co-founder of Tron, unstaking millions of ETH from Lido, a liquidity staking provider, on July 10.
2 addresses of Justin Sun withdrew 30K $ETH ($56M) from #Lido 1 hour ago.
And he still has 263,294 $ETH($491.6M) staked.
Justin Sun staked 288,100 $ETH ($538M) from Feb 25 to Feb 27, earning 5,194 $ETH ($9M) in total and earning 38 $ETH ($72K) per day, the APY is ~4.87%. pic.twitter.com/z5QpiLCjsf
— Lookonchain (@lookonchain) July 10, 2023
In both instances, there were no explanations behind the move. However, ETH prices are largely unmoved, looking at the formation in the daily chart.
Ethereum (ETH) Price Analysis
Ethereum is up 15% from June 2023 lows and 35% from March 2023 lows.
ETH remains below the $2,000 and $2,100 psychological resistance levels. As visible in the daily chart, prices are inside a wedge, a bull flag. Therefore, while there could be entries for aggressive traders, conservative risk-on traders must wait for a conclusive close below $1,820 or above $1,970 or July 2023 highs before committing.
If buyers take control in continuation of the June bull run, ETH prices could spike to as high as $2,000 and $2,100, marking April 2023 highs. Traders may look to ride the emerging uptrend if the rally is with expanding volumes.
Conversely, any dump with high participation forcing prices below the immediate support zone could trigger a sell-off towards $1,640 or June 2023 lows.
Technical charts courtesy of Trading View.
Disclaimer: The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.
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