- Ethereum trades near $4,470 after bouncing from $4,210 support and gaining 1.83% in the last 24 hours.
- Whale accumulation grows stronger with a $30M purchase of ETH, signaling long-term confidence among large investors.
- Double bottom chart patterns and trendline retest reflect potential bullish breakout toward the $5,000 resistance zone.
Ethereum (ETH) is currently trading near $4,470 after showing a mild recovery in the past 24 hours. The asset recorded a 1.83% daily gain, though it remains down by over 6% on the weekly timeframe.
ETH Faces Key Technical Levels Between $4,200 and $4,510
Ethereum’s recent price movement reflects a clear consolidation phase within the $4,200–$4,510 range.ETH must close above $4,500 to confirm an upward continuation toward $4,800. On the contrary, losing $4,200 support could lead to a potential drop toward the $3,900 region.
Ali’s chart analysis from Coinbase’s 4-hour data suggests that ETH is struggling to maintain levels above the $4,600 resistance. After reaching a short-term high near $4,840 on August 14, price action reversed sharply. A descending structure has since formed, with lower highs and persistent resistance around $4,550–$4,600.
The chart also displays a projected staircase decline, anticipating further pullbacks if Ethereum fails to regain upward momentum. The $4,390 level continues to serve as mid-range support, tested several times over the past two weeks.
Bullish Setup Reappears with Double Bottom Pattern
Crypto Tigers shared a technical pattern resembling the breakout setup seen earlier in August. The current 4-hour chart shows a double bottom near $4,210, mirroring the earlier formation that pushed ETH above $4,800. This structure suggests potential upside continuation if price breaks above the prevailing downtrend line.
Both double bottom patterns are circled on the chart, with each followed by strong upward movement. Price action currently tests the same trendline resistance. A breakout could lift Ethereum toward the $5,000 mark, repeating the earlier pattern from mid-August.
The 200-period moving average also acts as dynamic support, maintaining Ethereum above critical support zones since mid-August.
Whale Accumulation Strengthens ETH Sentiment
A notable Ethereum whale purchased $30.67 million worth of ETH, accumulating 7,000 tokens.This whale, recognized for buying during retracements, now holds over $430 million in Ethereum.This confirms renewed interest from large holders
This transaction aligns with Ethereum’s price structure, supporting the view that large investors are positioning during consolidation phases.
