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Ethereum price rally hit crucial resistance as institutional investors are in ‘wait and see’ mode

Published 02/21/2023, 12:45 PM
Updated 02/21/2023, 02:20 PM

Ether (ETH) fell short of a bullish breakout based on technical and on-chain analysis, suggesting that the consolidation below the $2,000 price level could continue in the medium term. At the same time, a lack of sellers and strong fundamentals will likely protect Ether from steep declines.

ETH/USD has increased by 42.80% since the start of 2023 thanks to a short squeeze in the altcoin market, negative investor sentiment and low liquidity conditions. Based on on-chain and technical levels, the rally has paused at a crucial bull-bear pivot.

Ethereum unrealized loss metric. Source: glassnode
ETH/BTC weekly price chart. Source: TradingView
Ethereum’s percentage supply in profit. Source: glassnode
ETH net exchange position change. Source: glassnode
The percentage supply of ETH locked in smart contracts. Source: glassnode
Institutional flows into digital asset investment products. Source: CoinShares

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