ETH Price Bulls Ready To Defend $1,600 Support
| Tradingview Traders must, however, realize that the 200-weekly EMA is not enough to launch Ethereum price into the anticipated rally. Therefore, it must be a collective effort among the bulls to defend the support at $1,600 and push for the repossession of the 21-weekly EMA (red) and the 100-weekly EMA (blue). With all three moving averages serving as support, bulls will have a chance to push for a larger breakout above a forming ascending triangle pattern. A breakout from this pattern would occur after ETH price pushes above resistance at $2,100. It would be accompanied by a spike in volume, calling for buy orders placed above the resistance. The breakout target, 58% to $3,325 is the distance equivalent to the height of the triangle extrapolated above the breakout point. Some traders may want to confirm the rally with a buy signal from the Moving Average Convergence Divergence (MACD) indicator. Such a call manifests with the blue MACD line crossing above the red signal line and the momentum indicator generally slopes upward. Large Holders Send ETH To Exchanges On-chain transaction trackers have revealed a trend where whales aka large holders are sending large amounts of ETH to exchanges. Ethereum worth roughly $60 million has made it from