Ethereum Dips Below Key Support—Time to Buy the Fear Before the Next Rally?

Ethereum's price just took a 12% nosedive—but crypto degens aren't sweating. In fact, on-chain data shows whales accumulating ETH at these levels.

Why the dip? Blame overleveraged traders getting liquidated or macro fears creeping back in. Doesn't matter. History shows these corrections often precede violent rebounds.

Key levels to watch: The $2,800 zone held twice this month. Break that, and we could see panic selling down to $2,500. Hold it? Cue the 'buy the dip' tweets from crypto influencers.

Meanwhile, Bitcoin maximalists are (as always) calling this 'proof ETH is doomed'—right before it inevitably pumps 30% in two weeks. Typical.

Bottom line: Smart money treats pullbacks as opportunities. Dumb money panics. Which one are you?

Ethereum Price Dips Remains Attractive

Ethereum price started a fresh increase above the $4,600 support zone, beating Bitcoin. ETH price was able to climb above the $4,650 and $4,700 resistance levels.

The bulls even pushed the price above the $4,720 resistance zone. Finally, the price tested the $4,780 resistance zone. A high was formed at $4,782 and the price recently corrected gains below the 23.6% Fib retracement level of the upward MOVE from the $4,170 swing low to the $4,782 high.

However, the bulls were active NEAR the $4,480 support. They protected the 50% Fib retracement level of the upward move from the $4,170 swing low to the $4,782 high. The price is again rising and showing positive signs.

Ethereum price is now trading above $4,550 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $4,500 on the hourly chart of ETH/USD. On the upside, the price could face resistance near the $4,640 level.

The next key resistance is near the $4,680 level. The first major resistance is near the $4,720 level. A clear move above the $4,720 resistance might send the price toward the $4,780 resistance. An upside break above the $4,780 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,880 resistance zone or even $5,000 in the near term.

Another Pullback In ETH?

If ethereum fails to clear the $4,700 resistance, it could start a downside correction. Initial support on the downside is near the $4,550 level. The first major support sits near the $4,500 zone.

A clear move below the $4,500 support might push the price toward the $4,400 support. Any more losses might send the price toward the $4,315 support level in the near term. The next key support sits at $4,250.

Technical Indicators

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

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

Major Support Level – $4,500

Major Resistance Level – $4,700