$ETH is currently trading around $3,190, showing signs of recovery after a volatile dip below $3,050 earlier this week.
$ETH has entered a critical phase, hovering near key Fibonacci retracement levels. After dipping to new lows in early November, ETH bounced back and is now testing resistance near $3,650. Analysts suggest that a break above this level could signal a bullish reversal, while failure to hold could push ETH toward the $2,800 support zone.
📊 Key Market Insights:
Current Price: ~$3,190 (as of Nov 17)
Recent Low: ~$3,050
Resistance Zone: ~$3,650
Support Zone: ~$2,800
Trend Indicator: ETH is “in the middle of nowhere,” per Daan Crypto Trades, highlighting indecision.
🐋 Whale Activity:
Over $350M in ETH accumulated by large investors during the recent dip.
Notable OTC transactions include 24,007 ETH ($82M) via Galaxy Digital, and 20,000 ETH ($70M) by a new wallet.
This accumulation suggests long-term confidence despite short-term uncertainty.
📉 Macro Factors:
$ETH underperformed the broader crypto market recently, falling 1.21% to $3,386 amid Fed rate cut doubts and post-shutdown risk aversion.
Fear dominates sentiment (Fear & Greed Index: 25), limiting risk appetite.
🖼️ Here’s a visual snapshot of Ethereum’s current market structure
#ETH #ETHShort