After reaching an all-time high of $4,950, Ethereum has pulled back to around $4,550, now looking for support.
Ethereum Price Dynamics
Ethereum recorded an all-time high of $4,950 on August 24 before pulling back to approximately $4,550, down 4.5% in the last 24 hours, although still gaining 8% over the week. Since early August, ETH has risen by 26% and is over 220% above its yearly low.
Support and Resistance Levels
Analyst Lennaert Snyder stated that Ethereum 'took liquidity above $4,880 and flushed leveraged longs.' He added that ETH is 'currently testing ~$4,500 support, but it doesn’t look strong.' It's crucial for bulls to reclaim $4,693 quickly to attempt to regain bullish momentum. If $4,500 fails, ETH could slide to $4,300.
Whale Activity in the Market
Major players have been active lately. Wise Crypto noted that whales added over $1.6 billion worth of ETH this week. The demand area is expected to be between $4,590 and $4,760, corresponding to the 0.5 Fibonacci retracement level at $4,780. CryptoQuant analyst Darkfost pointed to continued whale accumulation on Binance, which could support ETH in its push towards $5,000.
September historically sees corrections following strong August gains, posing a risk to Ethereum prices. Currently, Ethereum is trading between critical levels, with future movements dependent on testing these levels.
