The coefficient of unrealized profits of whales holding more than 100,000 $ETH ETH has exceeded zero, indicating a possible price rebound. This was noted by an analyst under the pseudonym CW.
"As a rule, the loss zones for large holders are at the bottom [of the trend line]. When whales move into a profitable state, this point marks the beginning of an upward movement," the expert noted.
Historically, after the return of this group of investors to the breakeven zone, the price $ETH rose on average by 25% over three months. After six months, the asset showed a growth of 50%, and after a year - by 300%.
When the pattern is triggered, ETH quotes may approach the mark of $2750 by June and exceed $3200 by September.
However, the indicator of unrealized profits of whales is not flawless. For instance, it did not replicate in 2018 when $ETH fell by 17.5% a month after the metric's reversal with a subsequent correction of nearly 70%.
Other reversal signals
A user with the nickname Sky noticed that the current price of around $2000 is the level where the largest trading volume is recorded. In his opinion, a rebound should occur at this point.
Analyst under the pseudonym James pointed to the continued dominance of ETH. The indicator broke through the local resistance zone and soared to 11%.
Thanks to this, Ethereum still holds the key support level, leaving room for growth, believes the researcher.
At the time of writing, the second-largest cryptocurrency is trading at $2075, having lost 3.5% over the day.