Global tensions have shaken the financial market, and crypto hasn’t been spared. Still, Ethereum (ETH) has held above $2,500 — a strong sign, considering how shaky things have been.
Ethereum saw a modest rally in April, gaining some momentum early on. But that strength faded by mid-May, and since then, the price has been stuck in a narrow range, bouncing between support and resistance.
Although the token briefly moved above the $2,700 resistance, it failed to hold the breakout. The move faded quickly, and the price slipped back into its range.
Since then, ETH has traded sideways, with buyers and sellers in balance. Holding firm in these conditions suggests strong underlying support.
The $2,500 mark has continued to act as a floor for the price. This level has worked as both a barrier and a bounce point before, and right now, it’s once again being tested. If it holds, it could give the bulls some hope.
While the market has remained uncertain, Ethereum has actually done better than Bitcoin. Analyst Ted Pillows pointed out that ETH has been stronger on the weekly chart. Even with global events causing concern, Ethereum has managed to edge ahead.
Before the crisis, Ethereum was clearly outperforming Bitcoin. Between May 8 and 13, ETH rose about 40% against BTC, moving from 0.0186 to 0.026.
Since then, despite the worsening crisis, Ethereum has held steady, consolidating between 0.0226 and 0.0261. This resilience shows ETH’s strength, and positive developments could push the price higher.
Should this trend persist, more capital may shift towards Ethereum and other altcoins, potentially supporting higher prices across the board.
Big investors are already moving in. One whale wallet, tracked by Lookonchain, bought 3,000 ETH for $7.48 million. Over four days, the same address snapped up 11,500 ETH, spending close to $29 million.
Another whale who previously earned over $30 million from ETH returned to the market, buying 15,000 ETH for $37.15 million at a price of $2,477 per coin.
Glassnode reported that for nearly a week, daily whale purchases have topped 800,000 ETH. This buying spree has pushed holdings in wallets with 1,000 to 10,000 ETH to over 14.3 million coins.
On 12 June alone, whales added more than 871,000 ETH — the highest daily net inflow so far this year. Such intense accumulation hasn’t been seen since 2017.
Ethereum’s recent price movements hint at possible upside. Key technical indicators are turning positive, but a breakout remains uncertain as the asset trades in a tight range.
What to Take Note Of:
The situation remains uncertain, and Ethereum may stay range-bound for now. However, technical signs are starting to improve. If the Middle East crisis eases and confidence returns, Ethereum could be among the first to rally.
