Ethereum Price Dey Eye $4,070 CME Gap as Ethereum Whales Dey Buy
Ethereum price don drop from recent high of about $4,800 to around $4,350. Traders dey focus on CME futures gap wey dey between $4,050 and $4,100, wey dey usually act like magnet after the weekend. The next movement of Ethereum price fit depend on how di gap go behave plus wetin market people feel. Historically, when the gap don filled before, e cause 40% rally within some weeks, na why market people dey expect similar move now.
Analyst Michaël van de Poppe tok say support zone dey between $4,100 and $4,250, and any price below $4,000 fit be good entry. Volume don increase during the pullback and RSI still dey above oversold levels, meaning say price fit still dey waka up and down small more.
On-chain data from CryptoQuant show say retail wallets don reduce their holdings from 10.5 million to 8.7 million ETH since March, but big investors dey accumulate. Meanwhile, Ethereum reserves for exchanges don drop to 18.5 million ETH, the lowest in three years.
Important macro events this week like Trump–Zelensky meeting, July FOMC minutes, US jobless claims, and Fed Chair Powell’s speech for Jackson Hole fit make market get volatility and affect the next price move.
Bullish
On-chain indicators dey show say momentum dey go up. Big holders dey gather more while retail dey sell, wey mean say institutional confidence high and sell pressure dey low. Exchange reserves don reach lowest point for three years, wey fit mean say supply fit short. Historical pattern of CME gap fill dey bring quick 40% rally, plus volume and RSI level for current correction dey support say bounce fit happen. Even though upcoming macro events fit cause short-term wahala, smart-money accumulation and gap dynamics dey show say Ethereum price get better chance to go up for near and medium term.