The market uncertainty has left Ethereum prices in limbo. The flagship token for smart contracts, ETH, was tagged at $1,384 last week. However, momentum behind it has slowed, leaving bears untethered. ETH will test support at $1300 on Sunday in preparation for a possible southbound move.

In the past three weeks, Ethereum's pivotal $1,300 level has held steady. A symmetrical pattern emerged as the token hit a series lower highs and lower lows. This technical pattern predicts a 12% rise or fall.

Ethereum price vaporizes weekly gains

The 50-day SMA (Simple Moving Average), which caps movement to the upside, will probably cause Ethereum prices to break below the triangle. Noting that consolidation at the apex could continue in the coming sessions, traders are advised to be cautious.

It is a good idea to wait for ETH prices to break the trend line support before you activate sell orders. If the triangle is broken, Ethereum prices could drop to $1140.

If a northbound breakout happens, Ethereum could rise to $1,521 instead. Symmetrical triangles don't have a bullish/bearish bias which means that recovery cannot be ruled.

The bulls are determined to get Ethereum price out of the pit, and move it up the ladder above $1,500. However, large volume holders continue to suffocate the spark. Glassnode's on-chain data shows that addresses holding 1,000 or more ETH tokens have maintained a downtrend ever since September 15, when they reached 6,516. This was the date Ethereum released its Merge software update.

This cohort now has approximately 6,316 addresses and it seems that the pressure is not going to decrease. As long as the whales don't leave their bags, chances of recovery are slim. This also indicates that investors would rather have their money in other places than Ethereum.

The IOMAP by IntoTheBlock sheds light on a few strong resistance zones that could continue to sabotage movement to the upside. The first - $1.334 is 1.65 million addresses who purchased 5.6 millions tokens. The second - $1.370 hosts approximately 360,000 addresses with 5.5million ETH.

Bulls will find it difficult to trade above these supply areas. The Ethereum price could then break the 12% triangle and reach $1,140 before moving into an uptrend.

Umbrella Network Price Prediction 2022 to 2030

Terra Luna Classic shows potential for a 100% gain