Ethereum (ETH) price has been trapped in a tight consolidation range between $1,819 and $2,092 in the past four weeks. As such, Ethereum’s daily Bollinger Bands have been squeezing in this tight range signaling an imminent breakout in the near term. ETH/USD 1-Day Chart. Source: TradingView Ethereum bull struggles amid robust institutional support Despite closing the past six consecutive months in the red, Ethereum has received significant support from institutional investors. Furthermore, Ethereum has been accepted globally as a digital commodity akin to Bitcoin (BTC) , especially due to its regulatory clarity in the United States. Amid the ongoing Middle East conflict, onchain data from CryptoQuant shows the supply of Ethereum on centralized exchanges (CEXs) has continued to shrink to about 16 million coins. Historically, a shrinking supply of ETH on CEX has directly been associated with a bullish outlook. Ethereum Exchange Supply. Source: X CryptoQuant’s data also shows that BitMine Immersion Technologies Inc. (NYSE: BMNR) has held strongly on its 4,422,659 ETH bag amid the altcoin’s macro bearish outlook. At press time, BitMine had an unrealized loss of about $7.34 billion, after purchasing 50,928 ETH last week valued at $98.5M. BitMine unrealized PnL. Source: X Meanwhile, onchain data analysis from Arkham shows that an address associated with Chun Wang, the founder of F2Pool, has been accumulating ETH. Specifically, Arkham noted that Wang deposited about $240 million in the Binance exchange in the past one and a half months, and has already withdrawn $67.5 million worth of Ethereum in the last two weeks. What’s next for the ETH price? From a technical analysis standpoint, the Ethereum price remains under heavy bearish sentiment. Moreover, an ETH long-squeeze has been catalyzed in the last few months by the heavy liquidation of long traders amid its capitulation of Open Interest (OI) from about $42 billion to around $24.3 billion year-to-date, according to CoinGlass . On the 1-hour timeframe, ETH price has been squeezing further into a compression, according to crypto trader Lennaert Snyder. As such, the Ethereum price must rally above $1,989 to confirm a bull run or break below $1,919 to signal bearish continuation. ETH/USDT 1hr Chart. Source: X Meanwhile, ETH price in the four-hour timeframe has been forming a potential reversal pattern with a midterm target of about $2,500, according to crypto analyst Satoshi Flipper . The post Ethereum price forecast: ETH struggles to rally above $2,092 amid strong institutional support appeared first on Finbold .
