Ethereum is navigating a critical juncture, with conflicting cues emerging from technical charts and on-chain data. The BBTrend indicator has turned decisively bullish, suggesting potential for strong upward movement. However, a persistent drop in whale transactions raises concerns about the short-term trajectory of ETH.
Currently, Ethereum is trading close to $2,750, edging toward a key support level at $2,679. Meanwhile, resistance remains firm around $2,900 — a barrier the asset struggled to overcome earlier this week.
The BBTrend (Bollinger Band Trend) for Ethereum has climbed sharply from -3 to +4.99, marking a significant reversal in momentum. As a metric that gauges the directional strength of price movement relative to Bollinger Bands, any value above zero signals bullish pressure.
With a current reading of 4.99, the indicator suggests a robust upward trend, often associated with breakout potential—provided momentum sustains. Traders are now watching closely to see if ETH can leverage this shift to retest the $2,900 resistance and potentially aim for the psychological $3,000 mark, a level last reached on February 1.
Despite a bullish reading on the BBTrend, whale movement paints a more cautious picture. According to IntoTheBlock data, the number of Ethereum wallets holding between 1,000 and 10,000 ETH has fallen from 5,427 to 5,378 over the past ten days—marking seven consecutive days of decline.
This steady drop suggests that institutional players may be reducing exposure, possibly indicating profit-taking or hesitation around ETH’s short-term upside. Since whale activity often reflects broader market sentiment, continued selling from large holders could exert downward pressure and introduce heightened volatility into the market.
On the chart, Ethereum is trading just above its crucial $2,679 support level. A breakdown below this point could pave the way for steeper losses, with downside targets emerging at $2,479 and $2,326—both considered major inflection zones.
Losing these levels would likely indicate a shift in the broader market structure, potentially triggering intensified selling pressure. On the other hand, ETH can start a new rally toward the $3,000 barrier if bulls recover their momentum and successfully move $2,900 into a support zone. Such a breakout may reignite investor interest and strengthen bullish sentiment.
With technical momentum signaling upside and on-chain metrics flashing caution, the coming trading sessions are likely to be decisive for both short-term traders and long-term Ethereum holders.
