Ethereum has cooled off after its recent rally to $2,700, but analysts eye $3,000 as the next resistance, provided support at $2,200 holds.
Ethereum ETH $4 536 24h volatility: 1.1% Market cap: $547.06 B Vol. 24h: $47.19 B has taken a breather following last week’s sharp increase that took the price as high as $2,700. As of writing, ETH is trading around $2,400, marking a 4% dip in the last 24 hours.
The drop coincides with several large-scale movements, suggesting profit-taking and loss-cutting by whales.
According to on-chain data from LookOnChain, a whale just sold off 7,000 ETH, worth around $16.88 million, taking a major loss. This whale had withdrawn around $48.82 million ETH from Binance between December 5, 2024, and January 13, 2025, when ETH was valued at $3,622.
An $ETH whale capitulated and sold 7,000 $ETH($16.88M) at a loss an hour ago.
This whale withdrew 13,479 $ETH($48.82M) from #Binance at a high price of $3,622 from Dec 5, 2024 to Jan 13, 2025.
The whale still holds 6,479 $ETH($15.66M), with a total loss of $16.28M.… pic.twitter.com/onBTPFxqlz
— Lookonchain (@lookonchain) May 19, 2025
Despite the recent sale, the whale still holds 6,479 ETH (valued at $15.66 million), bearing an unrealized loss of over $16.28 million.
Another whale managed to make a profit earlier today after suffering losses in three consecutive ETH trades. They sold 2,534 ETH for about $5.86 million, locking in a $1.9 million gain. Previously, their trades resulted in combined losses of $1.8 million.
After 3 consecutive losses on $ETH, this whale finally locked in a win.
30 minutes ago, the whale sold 2,534 $ETH($5.86M) for a $1.9M profit.
Previously, the whale had traded $ETH 3 times—losing money each time for a total loss of $1.8M.https://t.co/uBTG5dCS51 pic.twitter.com/5dz0EiMEXS
— Lookonchain (@lookonchain) May 19, 2025
Analysts Remain Optimistic
Despite the short-term price weakness, crypto analyst Ali Martinez stated that as long as ETH holds above the $2,200 support level, the next major resistance lies at $3,000. He suggests that if upward momentum persists, a move toward $4,000 could happen.
According to the pricing bands, as long as #Ethereum $ETH holds above $2,200, the next upside targets could be $3,000 and possibly $4,000 as bullish momentum builds. https://t.co/Y8goRUPaAj
— Ali (@ali_charts) May 18, 2025
Similarly, crypto analyst Friedrich has also maintained a long-term bullish stance, predicting a potential increase to $10,000.
I'm a simple man, bullish on $ETH for the rest of 2025!
Will retweet once we reach there.
10K per $ETH!⌛✍️ pic.twitter.com/Yor9U11r6t
— Friedrich 🧲 (@FriedrichBtc) May 19, 2025
It is important to note that ETH is still down by 51% from its all-time high of $4,891, achieved in November 2021.
ETH Price Outlook
On the daily chart, Ethereum recently fell from the upper band of the Bollinger Bands, signaling a cooling-off after an overbought rally. The price is approaching the mid-band (20-day SMA), which now acts as a critical support level.
ETH price chart with RSI and Bollinger Bands | Source: Trading View
If ETH breaks down below the mid-band, traders could see a price retest to the $2,200 zone.
The RSI stands at 60, down from recent highs near 80. This indicates fading bullish momentum but still keeps ETH out of oversold territory. If the price bounces, ETH may reclaim $2,600, with further resistance near $2,900.
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