Ethereum is moving under bearish pressure with a slight decline in its price, mirroring the overall market sentiment. Over the last 24 hours, ETH declined by only 1.25%, while its weekly performance remains nearly flat. At the time of writing, the token is trading at $4,529.16 with a market capitalization of $546.75 billion.
Despite a 36% drop in trading volume, now at $30.46 billion, ETH maintains its upward trend. The ability to stay above the long-term ascending trendline reflects consistent buying interest from investors.
Large market players remain active in influencing Ethereum’s short-term movements. A whale unstaked and sold $31.01 million worth of ETH, underscoring big holders’ tendency to secure profits during consolidation.
This development may weigh on market confidence, but the broader trend remains positive. Ethereum’s pattern of higher lows along its key trendline suggests persistent bullish sentiment, countering the temporary pressure caused by such significant sales.
Also Read: Can Ethereum (ETH) Reach a New All-Time High Before 2026?
Ethereum faces its immediate test at the $4,700–$4,800 resistance zone. Multiple failed attempts to break above this range reveal strong selling pressure from short-term traders. A decisive close above this zone would likely trigger renewed inflows and strengthen the bullish outlook.
For now, ETH can keep consolidating inside a narrowing range of prices. Retaining the hold above the $4,500 support trendline. A close below this region can precipitate a correction towards the $4,200-$4,300 region, which is a region of previous consolidation.
Chart analysis indicates that when ETH breaks above the $4,800 level, it can create momentum to move towards $5,800. This scenario falls well within the scope of the consolidation pattern developing on the chart, and these patterns frequently break out to the upside.
Another crypto analyst, @ardizor, said in a recent X post that Ethereum’s long-term prospects can follow previous explosive trends. His comment has fanned speculation and generated anticipation about Ethereum’s future chances to grow and reinforced upbeat sentiment.
Meanwhile, Tom Lee has shared a much bolder outlook, predicting Ethereum all the way to the $30,000–$60,000 range during its current cycle. What is remarkable about its vision is its scope and scale: ETH as a digital asset’s next big wave leader.
Also Read: Can Ethereum Hit $5K This September? Indicators Point to an 8–10% Surge
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