ether.fi’s (ETHFI) price action extended its bullish recovery recently after its bulls successfully defended a key demand zone around $0.60. The token’s recovery enhanced its technical structure as whale accumulation and buying on spot further added to its bullish technical outlook.
With a market imbalance between $0.69 and $0.73, the zone now stands out as the next major target for ETHFI bulls.
ETHFI defends key $0.60 demand zone
ETHFI has respected the $0.60-demand zone so far, allowing buyers to regain control after the recent weakness.
In the short-run, if ETHFI continues to hold above the zone, the bullish recovery could extend towards the next technical target. On the daily charts, the market imbalance between $0.69 and $0.73 would stand out as the next key target for ETHFI holders and bulls.
In most cases, the price often revisits significant imbalances as the market attempts to rebalance areas of inefficient trading. The same turn of events could be in store for ETHFI.
Whales increase ETHFI exposure
Additionally, the surge in whale activity on the network seemed to offer yet another bullish indication.
As per the latest Spot Future Average Order Size data, ETHFI’s big whales have continued to place their orders both in the Spot and Futures markets. These developments suggested that big players are still active around the price level of ETHFI.
The ongoing demand from whales can help boost up the recovery and offer the much-needed liquidity to counter further bearishness.
Spot buyers maintain control
That not all either as the market activity also seemed to be leaning in bulls’ favor. At the time of writing, buyers were dominating the spot market. This implied that this recovery was being powered by actual demand, rather than just leverage.
If spot buyers keep buying up the supply, ETHFI might continue to grow towards the imbalance.
Can ETHFI reach $0.73?
ETHFI’s $0.60 demand zone defense, together with whales’ activity and domination by spot buyers, sets up a conducive environment for further gains. In case buyers continue to dominate, the possibility of testing the imbalance zone in the expected rally might be very certain.
A break past $0.73 would boost the bullish structure of ETHFI, while a failure before reaching the zone might see its price falling back to $0.60.
Final Summary
- ETHFI rebounded from the $0.60 demand zone as whales increased their Spot and Futures activity.
- Spot buyers have been dominant as the $0.69-$0.73 imbalance zone emerged as the next key target for the altcoin.
