Ethereum Faces Renewed Bearish Signals Despite Whale Accumulation

$ETH is flashing a familiar bearish warning sign just a week after a nearly 9% price correction. On April 22, a bearish RSI divergence reappeared on the charts, indicating that while prices attempted to push higher, upward momentum is actually weakening. This technical pattern historically precedes price drops, as seen during the mid-April slump when ETH found support at the $2,252 level.

However, the underlying market dynamics have shifted since the last correction. Unlike the previous week, where large-scale investors were offloading their holdings, data now shows that "whales" have begun accumulating $ETH again, increasing their total supply to approximately 123.91 million. This accumulation could act as a buffer against a deep sell-off, provided these major holders maintain their positions and do not suddenly flip to a distribution phase.

The derivatives market presents a different risk profile this time, as funding rates have turned slightly positive, indicating a lean toward long positions. While this reflects optimism, it also means that a sudden price drop could trigger a wave of long liquidations, potentially accelerating a downward move. To invalidate this bearish outlook, $ETH must secure a daily close above the $2,377 resistance level, which could open the path toward $2,500 and beyond.

If Ethereum fails to reclaim its resistance, the $2,252 mark remains the first line of defense, supported by a significant cluster of holder cost-basis data. A break below this support could lead the asset toward the $2,082 zone, where a massive demand wall of over 1.4 million $ETH exists. Traders are currently caught between the bullish support of whale accumulation and the technical warning of fading momentum, making the $2,252 to $2,377 range the ultimate decider for ETH’s next major move.

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