Ethereum Overbought for $3,650: ETF Money and Whale Buy Dem Dey Show Say Pullback Fit Happen
Ethereum don jump 46.6% for Q3, dey trade near $3,650 afta BlackRock put one combined spot-and-staking ETF weh make U.S. ETH ETF assets jump 40% month by month to $14.87 billion. The July 18 GENIUS Act get 100% reserve rule for stablecoins weh still boost on-chain confidence. Technical-wise, Ethereum break pass $3,500 wit daily RSI near 95 and MACD histogram for +86.8, e dey 9% above im 7-day EMA. Although e get strong momentum, over 95% of ETH supply dey for profit - one level wey history show dey connect to distribution and sharp corrections. Bitcoin dominance RSI don dip enter oversold area near 60% support zone, e fit mean say BTC.D fit rebound and draw capital back to Bitcoin. High whale activity dey, including one buy of 58,268 ETH for average $3,680, wey show say smart-money dey position before some kind pullback happen before Ethereum fit target $4,000.
Bearish
Ethereum sharp rally reach near $3,650 plus overbought RSI readings mean say distribution risk don high. Institutional flows from BlackRock spot and staking ETF plus stablecoin reserve rules don cause technical breakout, but with more than 95% supply dey in profit, past pattern talk say people fit start take profit. Oversold Bitcoin dominance RSI near key support mean say capital fit rotate back to BTC. Together with heavy whale positioning before $4,000 target, these things fit make short-term pullback more likely even if long-term bullish catalysts still dey.