Ether’s climbing of several weeks against the level of $ 4,000 has been exposed to resistance, with the token falling more than 3% to around $ 3,696. While Bulls remain sure that Uptrend is intact, the recent price action has exposed some technical fragility – just as institutional buyers continue to increase accumulation.
The latest ETH strike follows two strong weeks of winnings and comes in the midst of growing discussion among analysts about whether the rally can continue without a wider correction. Technical indicators start flashing red.
An X-based Crypto Analytics account, front runners, said ETH has now surpassed Bitcoin for 14 consecutive days and called the trend “unsustainable without consolidation.” They also marked that “RSI is overheated” and suggested that the mood had become euphoric.
Michaël van de Poppe repeated that caution and noticed that ETH had dropped to about $ 3,650 and warned of a potential “violent correction.” “Andrew Crypto” offered a similar view and argued that although ETH has shown “crazy strength”, a correction is both healthy and probably after a rejection at a key resistance level.
Still, some analysts remain fixed bullish. Back on July 8, “Crypto Rand” predicted that “ETH to $ 4,000 is programmed. Before Later”, which reflects early confidence in Rally’s momentum. On-Kain data can provide support for this vision. According to cryptoquant figures quoted by Crypto Rover earlier today, whale purchase activity has reached record heights.
This trend is emphasized by the latest company buying figures from the Sharplink Gaming (sbet), one of the largest ETH-sustainable public companies. In a press release issued today, Sharplink said it had bought 79,949 ETH in the week ending on July 20, the highest weekly context since the launch of its treasury strategy in June. The company now has 360,807 ETH and said it has over $ 96 million in unnecessary capital ready to buy more.
ETH’s award has been largely resistant in the light of macrous security, partly helped by growing conviction among retail and institutional investors. However, analysts say the next leg may require a reset, as “Andrew Crypto” noted: “A chart without correction is not a healthy diagram.”
According to Coindesk -Data, Ether is for $ 3,696 at the time of writing, 3.44% down in the last 24 hours.
Technical analysis highlights
- ETH fell 6.11% during the 24-hour period from July 21 at 1 p.m. 15:00 UTC to July 22 at. 14:00 UTC, tumbling from a session high at $ 3,851.59 to a low level of $ 3,623.60-one $ 228.15 Intraday ranking, according to Coindesk Research’s technical analysis data.
- Bearish Momentum intensified early on July 22, with ETH that threw himself from $ 3,731.37 to $ 3,656.39 of 04:00 UTC. Trade volume rose to 353,275 units, well over the 24-hour average of 265,473.
- Resistance strengthened around $ 3,730 – $ 3,740 zone. A short recovery lifted ETH to $ 3,698.04 with 10:00 ADC before the renewed sales pressure -cut winnings. Volume spiked again to 438,487 units at. 13:00 UTC, which reinforces the bearish mood.
- ETH closed the session near its low at $ 3,647.45, suggesting that it continued downward risk heading into the next trade cycle.
- In the last hour of the session (13: 09–14: 08 UTC on July 22) fell ETH $ 46.31 from $ 3,697.08 to $ 3,650.77, marking a fall of 1.25%. The fall accelerated after 13:30 UTC, with a dramatic increase in volume to 24,478 units at 1 p.m. 13: 32-nest 10 times the early hour pace.
- Key support levels for $ 3,690, $ 3,670 and $ 3,650 were all crucial broken. ETH lost more than $ 50 between 13:30 and 13:55 UTC alone, as liquidations with high volume exceeded 20,000 units per year. Minute.
- Attempts to improvement failed in the final minutes, with ETH that sets fresh intraday -low and confirmed a wider bearish trend.
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