Can ETH Surprise with Bullish Sentiments Amidst Market Downturn?

• Ethereum (ETH) saw increased activity among major addresses during the drop below $1,650.
• Four major whales have amassed 56,100 ETH equivalent to $94 million within the past 7 days.

In a show of resilience amidst a volatile market, Ethereum (ETH) has managed to shown slight recovery from its recent dip below the $1,603 mark. The cryptocurrency’s price now stands at $1656 with a 24 hours trading volume of $199 billion.

Amidst Ethereum’s plunge below the $1,650 mark and the accompanying high volatility in its price, the network has experienced a notable uptick in activity among significant addresses. Impressively, the number of wallets holding between 10 and 10,000 ETH has rebounded to a substantial 355K paralleled by a surge in transactions surpassing $100K+.

According to data from LookIntoChain, four prominent entities have collectively amassed a staggering 56,100 ETH, equating to a substantial $94 million, within the past week.

Ethereum (ETH) Price Reaction

Ethereum’s price demonstrated strength by establishing support above the range of $1,580 and $1,600. This foundation facilitated a recovery wave that enabled ETH to climb marginally above the $1,650 resistance barrier. A pivotal moment in this upward trend was the breach of a significant bearish trend line, which had a resistance point close to $1,660, as observed on the hourly chart of ETH/USD.

Further, Ethereum’s price successfully recovered above the $1,650 resistance level against the US Dollar and nearing the critical $1,700 resistance point, which could propel ETH’s price even higher.

Although Ethereum achieved a recent spike to $1,695, the cryptocurrency is currently consolidating its gains. At the time of writing, the price of ETH stands at $1656, which decreased 0.89% in the last 24 hours.