Ethereum Fights Resistance While Dogecoin Plummets Amid Whale Exodus and Fading ETF Hopes
Ethereum Fights Resistance While Dogecoin Plummets Amid Whale Exodus and Fading ETF Hopes
The crypto market is witnessing divergent struggles for major altcoins. Ethereum (ETH) is grappling with significant resistance levels, particularly around $3,500, after experiencing a fresh decline. Despite some attempts at recovery from $3,050, technical indicators suggest persistent bearish pressure, with a strong break needed to avert further drops.
Meanwhile, Dogecoin (DOGE) faces a more dire situation, showing renewed weakness driven by heavy whale distribution, totaling over 1 billion DOGE ($440 million) in outflows. Technical breakdowns are evident across its charts, and enthusiasm for potential Dogecoin ETFs is muted, leading analysts to warn of a potential slide towards the $0.10–$0.13 range.
Ethereum's Uphill Battle Against Resistance
Ethereum price has initiated a fresh decline, slipping below the $3,500 mark and struggling to maintain a positive zone. ETH bulls are attempting a recovery from the $3,050 support, but strong resistance clusters around $3,500 continue to cap upside potential. The cryptocurrency is currently trading below its 100-hourly Simple Moving Average, indicative of prevailing bearish sentiment. While a recent break above a bearish trend line near $3,410 offered a glimmer of hope, bears remain active, particularly below the $3,500 level.
Technical analysis suggests that if Ethereum fails to clear the $3,480–$3,500 resistance zone, it could trigger another decline, potentially pushing the price towards major support levels at $3,260, $3,150, and even $3,050. The Hourly MACD for ETH/USD is losing momentum in the bearish zone, although the Hourly RSI is positioned above the 50 zone, indicating a tentative recovery attempt.
Dogecoin's Precipitous Decline Amid Whale Sell-Off
Dogecoin (DOGE) is experiencing renewed weakness, with its price falling below critical support levels and traders bracing for further declines. On-chain data reveals significant whale distribution, with large holders offloading over 1 billion DOGE, equivalent to roughly $440 million, in the past week. This massive sell-off intensified after repeated failures to overcome resistance between $0.18 and $0.19, leading to a steep correction and a surge in bearish trading volume.
Technically, Dogecoin has confirmed a full breakdown from a multi-week triangle pattern, with its price trapped below all major exponential moving averages (20, 50, 100, and 200-day), which have now flipped into overhead resistance. Analysts identify $0.15 as the next key support; a failure to hold this level could expose DOGE to deeper downside targets near $0.13 or even the $0.10 range. Adding to the bearish outlook, optimism surrounding potential Dogecoin ETFs from Bitwise and Grayscale has failed to translate into market strength, as investor enthusiasm remains muted amidst weeks of price weakness.