Ethereum (ETH) is going through a period of strategic uncertainty. After a failed attempt to break resistance at the beginning of January, the cryptocurrency declined and is now testing investors' patience. The scenario is marked by a "tug-of-war" between short-term volatility and the silent accumulation by whales.
1. The Chart Pattern: The Indecision Triangle
Since November, ETH has been stuck in a symmetric triangle. This pattern reflects the balance of forces:
Lower tops and higher bottoms: No one dominates the market.
False strength: Although the RSI (Relative Strength Index) has shown recent vigor, the price has not followed, creating a bearish divergence. This signals that buyers are losing momentum precisely where they need it most: at the upper trendline.
2. Investor Behavior
The market is being driven by two groups with opposing strategies:
Short-Term Speculators: Investors holding ETH for less than a week are driving high turnover. They sell at peaks and buy during dips, preventing a sustained uptrend and creating a psychological ceiling.
Whales (Large Holders): In contrast, since January 7th, large wallets have absorbed approximately 200,000 ETH (approx. $620 million). This move acts as a cushion, preventing the price from free-falling during corrections.
3. Key Levels: Where to Focus
The current region is a "cost zone" where millions of coins have been traded.
Verdict: Ethereum is not in a freefall trend, but lacks "buying conviction." As long as the price orbits around these cost levels, sideways movement should persist. The daily close will be the best indicator for the next big move (or plunge).