Following a recent peak near $3,860, Ether (ETH) has retraced below the $3,745 support level, signaling potential short-term selling pressure as traders take profits.
Public companies are continuing to accumulate ETH significantly. SharpLink Gaming now holds a substantial position exceeding 360,000 ETH, while BitMine Immersion Technologies has been actively purchasing the asset. This institutional participation provides a stabilizing foundation for ETH amid market fluctuations.
Technical analysis indicates Ether risks testing the 38.2% Fibonacci retracement level around $3,494 should bearish momentum persist. Failure to hold this level could lead prices down towards $3,381 or the key 20-day Exponential Moving Average (EMA) support near $3,234.
The near-term price trajectory hinges on critical technical thresholds. A sustained break above the $3,860 resistance barrier could open the path towards retesting the $3,860 mark and possibly the $4,094 resistance. Conversely, a drop below the 50-day Simple Moving Average (SMA) might trigger a descent towards the $3,477 or $3,361 support zones. Institutional buying is viewed as a key factor mitigating volatility and offering long-term stability against uncertainty.