$ETH is currently trading around $3,500, having dropped approximately 8% over the past week. This decline has broken its short-term bullish trend and sparked debate over whether the move is part of a standard market correction or a calculated effort by institutions to accumulate ETH at lower levels.

In July, ETH rallied over 50%, briefly reclaiming the $4,000 level and attracting significant interest from investors and spot Ethereum ETFs. This bullish momentum appears to have slowed, but on-chain data tells a different story. A large wallet recently withdrew 14,520 ETH (worth around $53 million) from exchanges during the dip—interpreted as strategic accumulation.

Despite the price pullback, Ethereum ETFs have remained resilient, recording only one day of outflows in the past month. This sustained inflow suggests long-term institutional interest rather than retail-driven hype.

From a technical standpoint, the $3,400–$3,500 range is a critical support zone. Holding above this range could lead to a period of consolidation and potential recovery. However, a drop below $3,000 might open the door to deeper downside risk.

Macroeconomic factors, including potential Fed rate changes and evolving crypto regulations like Project Crypto, will likely influence Ethereum’s next move. A breakout above $3,800–$4,000 could reignite a bull rally, while failure to hold $3,200 may accelerate the current correction.#Write2Earn #ProjectCrypto #Ethereum #TechnicalAnalysiss