Ethereum price drops over 10% – Can ETH hold the $2,000 line?
Whales buying Ethereum—bullish sign or trap?
Ethereum (ETH) has experienced a significant decline, falling below the crucial $2,000 support level. Bears pushed the price below $1,880, reaching a low of $1,753 before a recovery attempt began. Currently, ETH is trading above $1,800 but remains below key resistance levels.
Key Price Levels and Resistance
ETH has surpassed the 23.6% Fibonacci retracement level of the $2,152 swing high to the $1,753 low.
The price is still below $2,000 and the 100-hour Simple Moving Average.
A short-term declining channel on the hourly chart indicates resistance at $1,880.
Stronger resistance levels are at $1,950 and $2,000.
A breakout above $2,000 could trigger a move toward $2,120.
Further gains could push ETH to $2,250 or even $2,350.
Read ETH Price Prediction for more detailed insights
Possible Downside Risks
If ETH fails to break $1,880, another decline is likely.
Key support levels:
$1,800 (initial support)
$1,750 (major support)
$1,680 (potential next target if $1,750 breaks)
$1,550 (in case of extended bearish pressure)
Whale Accumulation: A Sign of Confidence?
On-chain data shows that whales have accumulated 330,000 ETH in the past 48 hours.
Wallets holding 100,000+ ETH have increased, suggesting strategic buying.
Historically, whale accumulation has preceded price rebounds.
The impact depends on market sentiment and overall buying pressure.
Also Read: Mog Coin Price Prediction 2025, 2026 – 2030
On-Chain Metrics: Mixed Signals
Exchange reserves are declining, indicating reduced sell pressure.
Open Interest in ETH futures has increased, showing growing speculative activity.
A recent drop in Open Interest suggests traders may be reducing exposure due to uncertainty.
Daily active addresses initially declined but have recently shown signs of recovery.
Ethereum’s next move depends on whether buying pressure sustains a recovery or if broader market conditions push the price lower. Traders should watch key resistance and support levels closely.