Ethereum’s price has become squeezed between a major sell wall at $2,400 and the key Fibonacci support zone around $2,026. Featuring prominently in both spot and futures trading, Ethereum has recently faced sustained selling pressure in the cryptocurrency market.
Major sell orders and $2,400 resistance
Charts shared by analyst CW on X reveal that large investors trading on Coinbase have placed significant sell orders at the $2,400 mark. These high-volume sell orders are dampening any upward reaction in Ethereum’s price. However, CW stresses that these investors haven’t started to actively sell yet.
Current charts show Ethereum trading closer to the $2,100 range, still well below the outlined sell wall. The heavy concentration of orders at $2,400 sets up a formidable barrier for future bullish attempts.
“This setup means placing large orders above the price is already putting upside pressure on hold. Investors tend to keep a close eye on such resistance zones,” analyst CW evaluated.
CW notes there is an important difference between placing a sell order and actually executing it. In this case, so-called Coinbase whales have not liquidated their positions, but have instead built barriers to cap price growth as it approaches $2,400.
Analysis also highlights green support zones near $2,000 on the lower end of the chart. These areas are where high-volume buy orders have accumulated. If Ethereum’s price continues to drop, these supports may soon be put to the test.
The immediate focus remains on the $2,400 sell wall. For Ethereum to test this zone, analysts believe robust buying support will be essential.
Mini glossary: A whale refers to an investor—individual or institutional—holding enough cryptocurrency to move markets substantially through large trades.
Fibonacci support and the market’s fear factor
According to a weekly chart posted by The Great Mattsby, overall sentiment around Ethereum has weakened dramatically, though the price structure itself remains intact. ETH hovers just above the 0.786 Fibonacci retracement, located near $2,026, a zone widely watched as major support.
Looking at the long-term chart, Ethereum has traded within a broad horizontal band following several failed short-term breakouts. Its last significant peak formed around $4,868, after which the price corrected and consolidated within intermediate levels.
This region is identified by analysts as a crucial technical support. On the weekly chart, it is marked by a red line representing a key defense position for buyers. As long as Ethereum’s price holds above this zone, renewed upward moves could emerge in the coming days.
“Support is still functioning while the market is in fear. Under these conditions, attempts to keep the price above this support are remarkable,” The Great Mattsby commented.
If Ethereum loses its main Fibonacci support, the next significant technical area on the weekly chart emerges at $1,017. This scenario would signal the risk of a much steeper decline.
Currently, Ethereum is at a technical crossroads. Maintaining support could pave the way for a potential rebound, but failure could prompt a sharp slide lower. With prevailing negative sentiment, defending the support level is critically important for market harmony.
