Key Insights:
- Ethereum price attempted a recovery after Friday’s fresh low.
- SharpLink added 5,000 ETH worth $7.88 million to its holdings.
- Low leverage showed traders remained cautious despite the rebound.
Ethereum price was trying to recover after falling to a new low on Friday. Analysts still expected the rise to be temporary, while SharpLink kept buying ETH. The leverage data also showed traders were not taking big risks. The market is now watched to see whether the bounce could hold or fade again.
Ethereum Price Tried to Recover After Friday Drop
Ethereum price showed signs of life after falling to a fresh low on Friday. The move brought some buying back into the market, but analysts still believed the recovery could only last for a short time.
Market analyst More Crypto Online said the recent drop may have completed wave three. If that view is correct, the market could now be moving through a wave four bounce before another decline.
The first price area to watch was between $1,605 and $1,668. A move above that level could send ETH crypto toward the next resistance zone between $1,823 and $2,224.
Even with the latest bounce, the analyst said the price action still looked weak. The current move higher appeared to be a three-wave recovery instead of the strong buying typically seen at the start of a new uptrend.
Another possible view was that the recent low marked the end of a deep wave B. Still, the latest price movement did not provide sufficient reason to revise the main outlook.
Friday’s low remained the key support level. As long as that level remained intact, traders kept watching to see how far the current recovery could sustain. When writing, the main view remained that the Ethereum price could rise a little more before moving lower again.
SharpLink Bought More Ethereum Coins During Market Weakness
While prices remain under pressure, SharpLink has continued adding to its Ethereum holdings. Data shared by Lookonchain showed that the company bought another 5,000 ETH worth about $7.88 million.
The purchase came even though the market has not fully recovered from Friday’s sell-off. Instead of waiting for stronger prices, the company decided to increase its position.
Large purchases often draw attention because they show where some investors see value. However, one buy does not mean the market has changed direction.
The latest transaction simply adds to SharpLink’s growing ETH crypto holdings. It also comes at a time when many traders are still waiting for clearer price signals before making bigger decisions. For now, buying from companies like SharpLink contrasts with the cautious mood seen across much of the market.
Traders Kept Leverage Low
Fresh market data suggests many Ethereum traders are avoiding large risks. According to market watcher CW, the size of highly leveraged ETH positions remains small. The data also shows there are no major areas where large leveraged trades have gathered.
That points to a market still moving cautiously after the recent decline. Many traders appear to be waiting instead of placing aggressive bets. CW also said investors are losing some of the greed that was seen earlier. That usually happens after prices fall and confidence becomes weaker.
Lower leverage can reduce the risk of large liquidations that often amplify price swings. At the same time, it shows that many market participants are not yet convinced that the latest recovery will continue.
Ethereum price remained between important support and resistance levels at press time. The market started to recover from Friday’s low. Traders were still looking for stronger signs before calling it the beginning of a lasting move higher.
