Ethereum (ETHUSD) Struggles to Break Above $2,300 Amid Bearish Pressure

Ethereum remains under selling pressure, struggling to reclaim the key $2,300 resistance level. Technical indicators still suggest a bearish trend, with BBTrend showing signs of improvement but remaining negative, indicating that bullish momentum has yet to fully develop.

At the same time, the number of Ethereum whales has seen a slight uptick, possibly in response to the White House Crypto Summit, as investors anticipate regulatory shifts or the potential inclusion of ETH in the U.S. strategic crypto reserves. For Ethereum to shift into an uptrend, it must break key resistance levels and sustain strong buying pressure.

BBTrend Indicates Uptrend Has Yet to Form

Ethereum’s BBTrend has improved to -2.6 from -5.12 just a day ago. BBTrend, short for Bollinger Band Trend, is a technical indicator used to assess price trends and momentum by measuring price deviations from the moving average.

A deeply negative BBTrend suggests strong bearish momentum, while a positive reading signals increasing bullish strength.

For Ethereum to gain upward momentum, BBTrend needs to break above 0 and push into higher levels. Two days ago, it briefly turned positive, reaching 1.98 before reversing downward, signaling weak buying pressure.

If BBTrend can surpass its previous high and maintain positive territory, it would confirm stronger momentum, increasing the likelihood of Ethereum sustaining a bullish trend.

Whale Accumulation Increases, But Overall Trend Remains Bearish

The number of Ethereum whales—addresses holding at least 1,000 ETH—has risen slightly to 5,768 from 5,762 on March 5. However, the overall trend remains downward, as there were 5,828 whale addresses on February 22.

Tracking large investors is crucial, as whale activity often signals shifts in market sentiment. Accumulation typically reflects confidence in price appreciation, whereas distribution suggests potential selling pressure.

The recent uptick in whale numbers may be linked to the White House Crypto Summit, with large investors positioning themselves ahead of potential regulatory developments and the possibility of ETH being added to the U.S. strategic crypto reserves.

If whale accumulation continues to rise, it could indicate renewed confidence in Ethereum’s long-term outlook. However, for a stronger bullish case, sustained accumulation is needed to reverse the recent downward trend.

Could the White House Crypto Summit Benefit Ethereum?

Ethereum has struggled to reclaim the $2,300 level in recent days. Its EMA indicators still point to a bearish trend, with short-term moving averages remaining below long-term ones.

If selling pressure intensifies, Ethereum could test support at $2,077, and a break below this level could push it further down to $1,996, reinforcing the bearish outlook.

On the flip side, if Ethereum reverses course, it could challenge resistance at $2,550 and potentially climb to $2,855.

A strong breakout above these levels could pave the way for ETH to reclaim the $3,000 mark, a level not seen since February 1, 2025, signaling renewed bullish momentum.