Ethereum (ETH) Price Drops 2.25% in 24 Hours as BBTrend Indicator Turns Negative

Ethereum (ETH) has gained more than 58% in the last 30 days, with nearly 40% of that gain occurring in just the last 10 days.

Ethereum (ETH) price slipped 2.25% in the past 24 hours to reach around $2,424 by 10:51 AM (GMT+8) on Friday, trading in a range of $2,306 to $2,517.

During this time, ETH reached a high of IDR 42,631,403 and a low of IDR 39,069,369, reflecting a day of notable volatility in the market.

At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization stands at approximately $292.18 billion, with daily trading volume increasing 60% to $26.8 billion.

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What’s Moving Ethereum Price Today?

The BBTrend indicator for Ethereum has just entered negative territory, now standing at -0.02 after maintaining a positive trend for about seven consecutive days.

This change comes after reaching a strong peak of 28.39 on May 12, which signaled the end of the bullish phase.

This move below zero occurs as Ethereum slips from a high of $2,517, which was reached earlier today.

The BBTrend indicator, which measures price momentum relative to volatility, is a key indicator used to identify potential trend reversals or continuations.

When the BBTrend value is positive, it generally indicates bullish momentum, while negative values indicate the market may be losing strength or entering a bearish phase.

With ETH’s BBTrend now slightly below zero, this could be a signal that buying pressure is starting to weaken after the recent rally.

If this trend continues to decline, the price of Ethereum could potentially be held back or experience a correction as traders start to become more cautious.

However, if buyers manage to push the price higher and reverse the BBTrend back into positive territory, it could indicate that the bulls are still in control and further gains are possible.

The indicator is calculated by dividing the distance between the middle Bollinger Band and the price by the width of the Bollinger Bands. The formula for BBTrend is:

Where:

The BBTrend indicator is used in conjunction with other technical indicators and market analysis to make informed trading decisions.

Ethereum Whale Count Drops Below Key Levels

Wallet addresses holding between 1,000 and 10,000 ETH – categorized as Ethereum whales – have been holding above the 5,440 mark since mid-April.

However, in the past 10 days, this number has slowly decreased despite minor fluctuations.

Currently, the number stands at 5,393, marking the first time it has fallen below 5,400 since April 9.

Monitoring the movements of Ethereum whales is important because these wallets often act as market movers due to the sheer volume they hold.

When the number of whales increases, it usually signals accumulation, reflecting confidence and long-term positions. Conversely, a decrease in the number of whales could indicate distribution, profit-taking, or caution from big players.

This latest drop could be interpreted as a weakening of confidence from large investors after ETH’s recent strong rally, potentially leading to increased volatility or a lull period in price momentum.

This drop also comes at a time when analysts are starting to speculate whether ETH could surpass BTC, while others are questioning whether ETH is still a viable investment in 2025.

ETH Struggles Around $2,741

Ethereum’s EMA (Exponential Moving Average) line is still showing bullish signals, with the short-term EMA being above the long-term EMA.

However, the momentum is starting to weaken, as evidenced by the short-term EMA lines starting to flatten and the gap between the lines narrowing.

Patterns like this often signal a possible change in trend direction, especially if buyers fail to take back control.

Although the overall structure is still positive, losing upward momentum creates uncertainty in the short term.

ETH price has been struggling to break through key resistance levels at $2,741 and $2,646 in recent days.

Without a fresh buying push, the asset could fail to reclaim the $3,000 psychological level, which it hasn’t touched since February 1.

If selling pressure increases, Ethereum could potentially fall back to the support area at $2,408. If this level is broken, further declines could occur, with the next significant support zones being at $2,272 and $2,112.

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