Philip Gradwell of Chainalysis said on CoinDesk TV that “relatively little” ether was bought above $1,850 and even less was bought at $2,000 or above.
Bitcoin may be building for a big move as price volatility hits four-month low.
Bitcoin buyers and sellers are in a stalemate as oversold rallies have been limited on intraday charts.
Despite short-term volatility, bitcoin's uptrend remains intact. And some traders could be shifting to altcoins.
Volume has significantly slowed over the past two weeks, which is typical of a consolidation phase and could lead to sharp price moves.
BTC continues to consolidate, although selling pressure remains limited to rising support levels on intraday charts.
BTC will need to break above $60,000 to resume the uptrend.
Bitcoin traded in a tight range during Asian hours; resistance around $60K and support around $57K-$58K.
There's a debate raging among bitcoin technical analysts over whether the "bull flag" chart pattern even has a flagpole.
BTC stalled just shy of $60K resistance during Asia hours. Support is around $54K.
Intraday overbought signals are not yet extreme, which should keep buyers active towards $60,000-$61,000.
But traders should continue to monitor intraday resistance levels as the broader uptrend from January slows.
Volatility is a measure of risk, and that's often measured in relation to returns. By that measure bitcoin is a beast so far this year.
BTC held support around $50K and is approaching resistance around $56K.
For now, bitcoin continues to hold long-term trend support above $50,000, with lower support around $42,000.