Ethereum ($ETH ) faces crucial support levels at $4,000 and $3,700. Can bulls defend these zones to prevent further downside?

Ethereum stands at a pivotal moment as traders hold their breath. Two critical price levels could determine whether we see a fierce comeback or a brutal slide deeper into correction territory. The on-chain data is telling a fascinating story about where the real battle lines are drawn.

✨ETH Price Hovers Above Key Support Zones

Ethereum is dancing dangerously close to make-or-break territory, with analyst @ali_charts highlighting two crucial support levels on the cost basis distribution heatmap: $4,000 and $3,700. These aren't just random numbers – they represent where serious money entered the market.

Recent Glassnode data from August 18 reveals the story behind these levels. A massive 419,448 ETH were accumulated between $3,673 and $3,686, while another 277,819 ETH were scooped up between $4,028 and $4,043. That's nearly 700,000 ETH – roughly $2.8 billion worth – sitting at these critical zones.

Currently trading around $4,361, Ethereum has pulled back from its August highs, leaving bulls scrambling to defend their territory. The clustering of positions around $4,000-$4,043 suggests this could be where the cavalry arrives if selling pressure intensifies.

✨ETH Price Prediction: The Battle for $4,000

Here's where things get interesting. If ETH cracks below the $4,000 psychological barrier, all eyes turn to $3,700 as the next line of defense. But here's the twist – those massive accumulation zones suggest smart money might be waiting to pounce on any weakness.

The $4,000-$4,043 zone isn't just support; it's where nearly 278,000 ETH holders are betting their money. If this level holds, we could see a sharp bounce as buyers step in to defend their positions. Break below it, though, and that $3,700 zone becomes the last stand before potentially deeper correction territory.

For now, Ethereum sits at a crossroads. Bulls need to prove they can hold the $4,000 fortress, or risk seeing their digital gold slide toward that deeper $3,700 support where even more ammunition awaits.

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