Ethereum price rally hit crucial resistance as institutional investors are in ‘wait and see’ mode
ETH’s rally paused at key resistance levels according to on-chain and technical data but the downside risk appears limited based on the network’s activity. 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. Ethereum encounters resistance at long-term bullish reversal points ETH/USD price 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. Glassnode’s Relative Unrealized Loss metric measures the loss scale on Ether holders' books. The orange line represents the bull-bear pivot line, where consolidation above this level signifies bear trends and vice vers...