Ethereum [ETH] whales stack up, but is this enough for a level retest?

ETH whales lead the charge in recent rally. Short squeeze turbocharges ETH’s momentum after exiting bear trap. Ethereum [ETH] concluded a bearish second week of February, but the tide was changing at press time. The crypto market delivered a bullish performance over the last two days and ETH was not left behind. Read Ethereum’s [ETH] […]

A look at ETH’s exchange flows revealed that there was still significant sell pressure at press time, implying that several investors were bearish. But, the overall situation, as far as exchanges were concerned, was that there was a higher net outflow.The higher exchange outflows coupled with strong demand from whales have yielded a noteworthy impact on ETH’s price. It pulled off

to its press time price of $1665.30. However, this upside puts it within the same range as the resistance level, where it has failed to break through in the last three weeks.ETH’s ability to sustain the bullish momentum will depend on whether it can maintain the demand. An increase in sell pressure near the resistance will signify a higher probability of a sell wall forming again. On the other hand, the bulls may aim to push higher by sustaining strong demand.

One of the ways to track demand is to look into the demand from the derivatives market. ETH’s open interest metric registered an uptick between 12 – 14 February. It has since reverted to the downside, suggesting that derivatives demand was slowing down at the time of writing.Another bearish retracement might be on the cards for ETH if the spot market mimics the above observation in the derivatives market.

ETH’s bearish price action in the second week of February was bearish. This may have created a false expectation of more downside, hence an increase in leveraged short positions.

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