Ethereum Price Holds Near $2,100 as Whale Count Drops

Ethereum's price is currently holding near $2,100 as it backtests the green Gaussian Channel. This channel is a technical indicator that shows the cryptocurrency's potential to recover from recent lows. The chart indicates that Ethereum's price needs to hold this support area to maintain its bullish structure.

However, large Ethereum holders, or 'whales,' have been exiting or consolidating their positions. According to Glassnode data, around 60 whale addresses holding 10,000 ETH or more have either emptied or consolidated their balances over the past two months. This has led to a decline in whale activity and could impact Ethereum's short-term outlook.

The chart shows that if Ethereum loses its psychological support at $2,000, it could strengthen a bearish reading. On the other hand, holding this level would allow Ethereum to potentially reclaim its upper area near $2,370 and show stronger momentum. For now, the cryptocurrency is in a precarious position, requiring careful monitoring of market trends.