Copyrighted Image by: Reuters.

Ethereum, the second-largest cryptocurrency by market capitalization, has been grappling with resistance levels for over two months, yet large-scale investors, often referred to as 'whales', are demonstrating unwavering confidence. As of Wednesday, Ethereum's trading price stands at $1,568, having recently rebounded from the support line at $1,533.

The digital currency has been unsuccessful in surpassing the 50 and 200-day Exponential Moving Averages (EMAs), a crucial step that could convert the resistance level of $1,686 into a support floor. The Relative Strength Index (RSI), which is currently hovering around the neutral 50.0 mark, indicates a potential rally that could trigger a bullish signal.

However, if Ethereum fails to confirm this bullish signal and loses its $1,533 support line, market analysts suggest its price could tumble below $1,500. Despite this looming threat of a price drop, data from blockchain analytics firm Santiment shows that Ethereum whales are poised to prevent such a decline.

These large-scale investors, who each hold over 1 million ETH, now control 32.3% of the total circulating supply. This level of concentration is unprecedented since July 2016.

https://www.investing.com/news/cryptocurrency-news/ethereum-struggles-with-resistance-levels-as-whales-hold-steadfast-93CH-3201443