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Ethereum Consolidates Despite Large Holder Sales, Market Indicators Point to Potential Breakout

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Ethereum,ETH,Consolidation

Ethereum (ETH) is consolidating within a range of $3,500 and $3,300 despite increased selling pressure from large holders, including a recent $12.47 million sale by Endaoment, a charitable fund. However, market indicators suggest a potential breakout, with the Relative Strength Index (RSI) showing a bullish crossover and the Moving Average Convergence Divergence (MACD) nearing a similar signal.

ETH continues to consolidate while market indicators suggest a potential breakout.has struggled to maintain an uptrend. Over this period, the altcoin has traded within a consolidation range.

Based on Spotonchain’s observation, Endaoment has sold 3,690 ETH tokens worth $12.47 million. This is the first transaction from this entity in 10 months and its largest ever. At the time of writing, ETH was trading at $3,429, marking a moderate increase of 0.21% on daily charts and an extension of this bullish trend by 2.45% on weekly charts.

According to AMBCrypto’s analysis, the Ethereum market remains optimistic, and investors are still hoping for a price recovery.This market sentiment is evidenced by a rising RSI and MACD. The Relative Strength Index made a bullish crossover 2 days ago, signaling a surge in buying pressure as buyers start to dominate. The RSI has risen to 47 at press time, up from 42.

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