- Ethereum has fallen below $4,000, dropping 5% in 24 hours and 15.5% over the past week amid strong selling pressure.
- Mixed whale activity and weakening technical indicators suggest further volatility, with key support at $4,000 and resistance at $4,263.
Ethereum (ETH) is facing renewed bearish pressure as its price slips below the $4,000 mark, signaling a deepening correction in the market. After failing to surpass the $4,263 resistance level, ETH has dropped to around $3,971, reflecting a 5% decline in 24 hours and a 15.5% loss over the past week.
Weak Technical Signals Point to Further Downside
Technical indicators suggest that Ethereum’s pullback may not be over. The Relative Strength Index (RSI) currently sits at 43.60, nearing oversold territory, while the MACD shows a negative divergence, indicating that downward momentum remains in play. Although the RSI suggests that selling pressure could be reaching its peak, ETH is still vulnerable to further declines if the current trend continues.
Mixed Whale Activity Adds Uncertainty
Ethereum’s price movement is also influenced by whale activity, which has been mixed in recent days. BlackRock’s ETHA fund reportedly sold $310.13 million worth of ETH, contributing to a total net outflow of $428.52 million from Ethereum spot ETFs over three consecutive days. In contrast, some investors are seizing the opportunity to buy the dip. Tom Lee’s Bitmine, for example, has accumulated $834 million worth of ETH over the past week, showing confidence in the cryptocurrency despite the ongoing correction.
Key Support and Resistance Levels
The $4,000 level is currently acting as a key psychological support for Ethereum. A sustained break below this zone could push the price down toward $3,965 or lower, while any successful rally above $4,263 may open the door for gains toward $4,500 and even $4,750. Market participants will closely monitor these levels as they indicate the potential direction of Ethereum’s next move.
Ethereum remains under pressure as investor sentiment weakens and technical indicators signal caution. While whale buying may provide some short-term support, breaking the current resistance is crucial for ETH to regain momentum and reverse its recent losses. Traders and investors should prepare for potential volatility in the coming days as Ethereum navigates this critical price zone.
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