Summary: Ethereum Price Slips on Profit-Taking – Limited Downside as Whale Demand Holds

Ethereum's recent price action has investors on edge, as the cryptocurrency navigates a significant downside correction. After failing to extend gains beyond the $3,850 level, Ethereum (ETH) has experienced a notable slide, mirroring similar profit-taking trends observed in Bitcoin. The asset is currently trading below the $3,680 mark and its 100-hourly Simple Moving Average, signaling a prevailing bearish sentiment in the short term. A key bearish trend line has formed, presenting strong resistance near $3,670 on the hourly chart. Despite this downturn, market analysis suggests a potential limited downside, largely attributed to persistent whale demand holding firm around the crucial $3,520 support zone. This level, alongside the $3,600 and $3,570 zones, is critical for ETH's near-term stability. Should these supports fail, the price could further decline towards $3,450, with the next major foothold at $3,320. For a rebound, Ethereum must break above the immediate resistance at $3,670, followed by the $3,770 and $3,800 levels. A decisive move past $3,800 could pave the way for a retest of the $3,850 resistance, potentially initiating a fresh upward trajectory. Technical indicators like the Hourly MACD losing momentum and the RSI being below the 50 mark reinforce the current bearish pressure. Investors are keenly watching these levels to determine if the bulls can regain control and prevent further losses, or if the profit-taking spree will push ETH into deeper correction territory.