Ethereum slipped toward $2.38K before rebounding to $2.46K, and buyers have yet to establish a convincing reversal. Whale-sized spot activity has returned near $2.4K as the price tests support.
Ethereum slipped toward $2.38K before rebounding to $2.46K, and the token is struggling to hold its broader ascending structure. Buyers have not yet established a convincing reversal.
Ether tests the demand zone on the daily chart
On the daily timeframe, Ethereum is trading just above the $2.36K–$2.44K demand zone, with the latest candle rebounding above the ascending channel's lower boundary. Repeated failures to sustain a rebound suggest that demand remains under pressure.
The 50% Fibonacci retracement of the advance from approximately $1.87K to $2.81K sits near $2.34K, just beneath the demand zone. Losing that region decisively could extend the correction toward the 61.8% retracement near $2.23K.
However, reclaiming the channel boundary and establishing support above $2.44K would weaken the immediate breakdown scenario. Buyers would then need to overcome the recent $2.5K–$2.56K resistance area.
The 4-hour chart shows a possible falling wedge
The 4-hour chart shows a narrowing descending formation, with lower highs pressing against the demand zone. Sharp rebounds have followed probes toward $2.32K–$2.34K, but each recovery has struggled to clear descending resistance.
The formation resembles a falling wedge, which can precede a recovery, yet an upside breakout remains unconfirmed. If ETH holds above the descending resistance around $2.42K–$2.44K and then retests it successfully, that would be an initial sign of improving structure.
Whale-sized orders return near $2.4K
The Ethereum Spot Average Order Size chart shows big-whale readings reappearing near $2.4K after an extended period dominated by normal-sized orders. Their return could add selling pressure if large participants are distributing holdings or reducing exposure.
Still, average order size does not identify trade direction, so the readings do not independently confirm distribution. Whale-sized activity also appeared during the June–August base before the subsequent rally.
The price response will decide the reading: continued weakness alongside large orders would support the selling-pressure scenario, while a sustained reclaim of $2.44K would be more consistent with demand absorbing the available supply.
Source: CryptoPotato
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