The increase of several weeks of Ether towards the level of $ 4,000 has faced resistance, and the Token fell more than 3% to around $ 3,696. While bulls are still sure that the upward trend is intact, recent price action has exposed some technical fragility, as well as institutional buyers continue to increase accumulation.
The last setback of ETH continues two strong weeks of profits and occurs in the midst of a growing discussion among analysts about whether the rally can continue without a broader correction. The technical indicators begin to flash.
A Crypto Analytics account, based in X, the front, said that ETH has now surpassed Bitcoin for 14 consecutive days, qualifying the “unsustainable without consolidation” trend. They also marked that “RSI is overheated” and suggested that the feeling had become euphoric.
Michaël Van de Poppe echoed that caution, noting that ETH had fallen to around $ 3,650 and warning of a “potentially” violent correction. “Andrew Crypto” offered a similar vision, arguing that although ETH has shown “crazy strength”, a correction is healthy and probably after a rejection of a key resistance level.
Even so, some analysts remain firmly optimistic. On July 8, “Crypto Rand” predicted that “ETH at $ 4,000 is scheduled. Earlier rather than later”, which reflects early trust in the impulse of the rally. The data in the chain can support this perspective. According to cryptocanous figures cited by Crypto Rover today, whale purchase activity has reached high record.
That trend is underlined by the latest corporate purchasing figures of Sharplink Gaming (SBET), one of ETH’s largest public companies. In a press release issued today, Sharplink said he had bought 79,949 ETH in the week that ended on July 20, the highest weekly account since he launched his treasure strategy in June. The firm now has 360,807 ETH and said it has more than $ 96 million in careless capital ready to buy more.
The price of ETH has been largely resistant to the macro uncertainty, helped in part by the growing conviction between retail and institutional investors. However, analysts say that the next highest leg may require a restart, as “Andrew Crypto” said: “A graph without correction is not a healthy graph.”
According to Coindesk data, Ether is quoted at $ 3,696 at the time of writing, 3.44% in the last 24 hours.
TECHNICAL ANALYSIS
- ETH fell 6.11% during the 24 -hour period from July 21 to 3:00 p.m. UTC until July 22 at 2:00 p.m. UTC, which falls from a higher session of $ 3,851.59 to a minimum of $ 3,623.60, an intradic range of $ 228.15, according to the technical analysis data of COINDESK Research.
- The bearish impulse intensified in early July 22, with ETH submerging from $ 3,731.37 to $ 3,656.39 per 04:00 UTC. The negotiation volume increased to 353,275 units, well above the average of 24 hours of 265,473.
- The resistance was strengthened around the area of $ 3,730– $ 3,740. A brief recovery raised $ 3,698.04 at 10:00 UTC before renewed sales pressure gains. The volume shot again at 438,487 units at 1:00 p.m. UTC, reinforcing the bearish feeling.
- ETH closed the session near its minimum at $ 3,647.45, which suggests a continuous risk of downward down towards the next commercial cycle.
- In the last hour of the session (09–14: 08 UTC on July 22), ETH fell $ 46.31 of $ 3,697.08 to $ 3,650.77, marking a drop of 1.25%. The decrease accelerated after 13:30 UTC, with a dramatic increase in volume to 24,478 units at 13:32, almost 10 times the rhythm of the time of the hour.
- Key support levels at $ 3,690, $ 3,670 and $ 3,650 were violated decisively. ETH lost more than $ 50 between 13:30 and 13:55 UTC Solo, since high volume settlements exceeded 20,000 units per minute.
- The recovery attempts failed in the final minutes, with ETH establishing new intradic minimums and confirming a broader bearish trend.
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