Ethereum Bounces at 78.6% Fib, Wave 3 Next?

Key Insights:

• Ethereum bounced at the 78.6% Fibonacci retracement near $1,940 support level.
• Whale unrealized profit has turned negative, matching previous cycle bottom zones.
• The $1,896 swing low remains key to maintaining bullish wave structure.

Ethereum trades at $1,973.20, down 4.36% in the past 24 hours. Over the last seven days, price has fallen 2.39%. Daily trading volume stands at $24.57 billion. Attention now turns to a key Fibonacci level that recently held.

On the 1-hour chart, ETH tested the 78.6% Fibonacci retracement of wave (1) near $1,940. Price reacted at that level and moved back toward the $1,975–$2,000 range. Man of Bitcoin wrote that “$ETH reacted to the 78.6% Fib retracement in wave-(2).” He added that if price holds above the last swing low, the next move could be wave (3) higher.

Key Levels Define the Structure

ETH now faces resistance near $1,974 and $1,999, which mark the 61.8% and 50% retracement levels. Price trades just below this band. A move above $2,000 would shift short-term momentum.

The main support level sits near $1,896, the recent swing low. As long as ETH stays above that point, the current wave count remains valid. A break below $1,896 would expose the $1,832 region as the next support area.

Whale Unrealized Profit Turns Negative

On-chain data shows that large Ethereum holders are holding at a loss. The unrealized profit ratio for wallets holding 1k–10k, 10k–100k, and over 100k ETH has moved near or below zero. Similar readings appeared during past cycle lows.

CW wrote that “$ETH whales are currently in a loss position.” He noted that the size of the losses matches previous bottom zones. The chart also shows that whale balances remain near record levels, even as price trades lower.

Accumulation Continues as Price Consolidates

Data indicates that large holders have not reduced positions during this cycle. Unrealized profit has not spiked, which suggests limited large-scale profit-taking. Holdings across major cohorts remain elevated.

ETH trades near $1,973 as market participants watch both price levels and whale positioning. The 78.6% retracement near $1,940 remains immediate support, while $1,896 marks structural protection. Price reaction at these levels will shape the next move.

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