Whale Demand Shields Ethereum From Deeper Drop – Profit-Taking Tempers Rally

Ethereum takes a breather as traders cash in gains—but the big players aren't budging.

Whale wallets keep stacking ETH, putting a floor under the price slide. Meanwhile, retail traders play musical chairs with their profits (and losses).

No panic here—just crypto's usual dance of greed and fear. The suits on Wall Street still don't get it, but their FOMO will kick in right on schedule.

Ethereum Price Holds Support

Ethereum price failed to extend gains above the $3,850 level and started a downside correction, like Bitcoin. ETH price traded below the $3,800 and $3,770 support levels.

There was a MOVE below the 50% Fib retracement level of the upward move from the $3,480 swing low to the $3,859 high. The decline was such that the price even dived below the $3,660 level and the 100-hourly Simple Moving Average.

However, the bulls were active near the 76.4% Fib retracement level of the upward move from the $3,480 swing low to the $3,859 high. ethereum price is now trading below $3,680 and the 100-hourly Simple Moving Average.

On the upside, the price could face resistance near the $3,670 level. There is also a key bearish trend line forming with resistance at $3,670 on the hourly chart of ETH/USD. The next key resistance is near the $3,770 level. The first major resistance is near the $3,800 level. A clear move above the $3,800 resistance might send the price toward the $3,850 resistance.

An upside break above the $3,850 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,200 in the near term.

Another Decline In ETH?

If ethereum fails to clear the $3,670 resistance, it could start a downside correction. Initial support on the downside is near the $3,600 level. The first major support sits near the $3,570 zone.

A clear move below the $3,570 support might push the price toward the $3,520 support. Any more losses might send the price toward the $3,450 support level in the near term. The next key support sits at $3,320.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,520

Major Resistance Level – $3,670