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ETH Ethereum maintains key support level, and bulls are trying to avoid a deep correction
Ethereum's price is currently above the key support range, and bulls are working hard to prevent the cryptocurrency from entering a deeper correction stage. Although ETH rose slightly by 0.55% to close at US$1,861.67 in the past 24 hours, technical indicators suggest that bullish momentum is weakening.
Key Support Areas and Market Sentiment
In the past day, Ethereum's trading volume reached US$21.41 billion and its market value was US$225.24 billion. These data suggest that despite recent price fluctuations, investor activity remains active.
Crypto analyst Ted pointed out on August 3, 2026 that the support range of US$1800 to US$1850 is crucial for Ethereum. He believes this area is the key to determining the short-term direction of Ethereum. If ETH can hold on to that support, bulls may try to push prices towards the next resistance level. However, once it clearly breaks out of this range, the price could fall to $1700.
Support ranges often play a key role in times of instability, as these levels have historically tended to attract buying interest. If this range is breached, selling pressure from short-term participants may intensify the downward trend.
Ted emphasized that the US$1800 to US$1850 range is the key to ETH. Holding this level may drive further gains, while a break below may push prices down to US$1700.
Long-silent Ethereum holders return to market
Market monitoring platform Lookonchain reported a large transaction involving long-term holders. After nearly three years of silence, the wallet sold 2250 ETH pieces on August 3, 2026, with a total value of approximately US$4.15 million.
Online data shows that the investor purchased these tokens eight years ago at an average price of US$489 each. Although it has not been traded for a long time, the sale still brought in considerable profits.
Large transactions in dormant wallets tend to attract attention, raising concerns about short-term selling pressures and changes in market sentiment. However, a single transaction does not necessarily represent the overall market trend.
Lookonchain reported on the early investor's selling behavior and emphasized that given the buying price of about $489 eight years ago, the cash out has significant profit margins.
Technical analysis shows weakening bullish power
Indicators show that Ethereum's recent rally is losing momentum. The Relative Strength Index (RSI) is 51.05, which has fallen below its average of 56.59. Although the RSI is still slightly above the 50 neutral line, it has fallen below the signal line, indicating that buying pressure has weakened, but has not yet turned significantly bearish.
Moving average convergence divergence (MACD) further suggests that the upward trend is fading. The current MACD value is 21.65, which is lower than the signal line 31.30, and the histogram has turned negative to-9.65. This bearish cross suggests that bear power is growing.
If buying momentum does not recover soon, analysts expect Ethereum to enter a sideways or downward trend. The next few trading days may affect the short-term price direction, with bulls trying to hold on to the $1800 support and bears trying to drive down prices.
The market continues to pay attention to the movements of large long-term holders and whale accounts, whose transactions may increase volatility. Investors are also monitoring changes in trading volume, looking for changes in buying or selling patterns.
