While analysts highlight the importance of ETH maintaining its current support range, whale activity suggests mounting selling pressure.
Crypto trader Michaël van de Poppe noted that Ethereum has successfully defended a crucial area on the charts. He pointed out that maintaining this zone could pave the way for renewed strength, but warned that if it breaks, ETH could dip into a lower range. According to him, such a scenario would present fresh opportunities for accumulation.
On-chain data, however, paints a cautious picture. Market analyst Ali revealed that whales offloaded 90,000 ETH within the past 48 hours, potentially explaining the muted momentum despite broader bullish sentiment in recent weeks. The heavy selling coincided with Ethereum failing to reclaim the $4,600 zone, a resistance level that has repeatedly capped upward moves.
Current market data from Binance shows ETH trading at $4,491, slightly down 0.22% on the day.
Technical indicators suggest the asset is in a consolidation phase, with the Relative Strength Index (RSI) hovering near neutral levels around 53. This signals neither strong bullish nor bearish momentum in the immediate term.
Ethereum’s performance over the coming days will depend heavily on whether buyers can continue defending the $4,450–$4,500 area. A decisive break below could trigger a deeper pullback, while strength above $4,600 may reignite the uptrend toward August highs near $4,800.
For now, traders remain split between caution and optimism, with whales reducing exposure while analysts like van de Poppe keep a close eye on potential buy zones.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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