The Ethereum $4500 Defense Battle Begins! Key Levels for Bull-Bear Showdown, What Do Whale Movements Indicate?
Ethereum is currently fluctuating around $4,600, having briefly broken through the $4,800 resistance level this week but failing to maintain it, highlighting the fierce battle between bulls and bears. From a technical perspective, after a weekly-level breakout from a long-term descending wedge, the $4,200-$4,300 range has become a strong support area. If it holds, the bullish structure may continue, targeting $5,200-$6,000; however, if it loses $4,300, it may drop significantly to $3,800.
Market sentiment is clearly divided: bulls see the pullback as merely profit-taking, with institutional buying and continuous outflows from exchanges supporting a long-term bullish outlook; bears, on the other hand, are wary of whale selling pressure (such as the founder cashing out 2,477 ETH for $11.66 million) and a slowdown in spot ETF inflows, which could trigger short-term sell-offs.
Feng believes that ETH's short-term direction depends on whether it can reclaim $4,800. On-chain data reveals the divergent operations of institutions and whales—some large whales are cashing out at high levels, while others are hoarding and exiting, and this “internal divergence” could intensify volatility.
Observe the strength of the $4,300 support. If it stabilizes at $4,500 and breaks through previous highs with volume, September may open up new upward space; otherwise, one must be cautious of deep pullback risks.
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