Ethereum (ETH) Faces Resistance Below $2,300

Ethereum (ETH) is currently under pressure, navigating challenges as it struggles to surpass the $2,300 mark. Current technical indicators persistently signal a downtrend in ETH's price movements. Despite a slight improvement in the BBTrend indicator, bullish momentum has yet to establish itself fully.

In recent days, the count of Ethereum whales—addresses holding at least 1,000 ETH—has seen a minor uptick, possibly influenced by the upcoming White House Crypto Summit. Investors are keenly watching for potential regulatory changes or the possible inclusion of ETH in the U.S. strategic crypto reserve. For Ethereum to shift to a bullish trend, it must break through significant resistance levels while maintaining steady buying pressure.

BBTrend Indicator Signals Cautious Optimism

The BBTrend indicator for Ethereum has improved from -5.12 to -2.6 over the past day, demonstrating some positive movement, though it remains in negative territory. This trend suggests that while bearish momentum is still present, there is potential for bullish sentiment to develop if certain thresholds are crossed.

When the BBTrend is in the negative range, it typically indicates considerable bearish strength; on the other hand, a shift to positive values points toward a build-up in bullish momentum. For a stronger bullish trend to materialize, the BBTrend must exceed 0 and push past recent highs. A recent peak at 1.98 was short-lived, indicating weak buying conditions.

Whale Activity Amidst Broader Downtrend

The number of Ethereum whales has risen slightly to 5,768, up from 5,762 observed earlier this month. However, this increase must be viewed in context; the count was at 5,828 just a few weeks ago on February 22. Monitoring whale activity is crucial since it often foreshadows broader market sentiment shifts—accumulation may imply confidence in ETH's future price increase, while distribution can signal selling pressure.

This rise in whale numbers may be linked to investors positioning themselves ahead of the Crypto Summit, anticipating favorable regulatory developments that could enhance Ethereum's standing.

Implications of the White House Crypto Summit

Ethereum has consistently faced challenges in breaking above the $2,300 threshold. Current Exponential Moving Average (EMA) lines still reflect a bearish trend, with short-term averages lagging behind long-term averages. Increased selling pressure could potentially test Ethereum's support at around $2,077; a dip below this level might further drag the price down toward $1,996, solidifying a bearish outlook.

Conversely, should Ethereum manage to reverse its current trend, there could be an opportunity to challenge resistance levels around $2,550, and potentially escalate to $2,855. A decisive breakout above these ranges could pave the way for ETH to reclaim the significant $3,000 benchmark, a threshold it has not reached since February 1, 2025, indicating a return of bullish momentum.