Ethereum is under pressure from a large sell wall near $2,400, placed by Coinbase whales, according to analyst CW. The orders are not yet being executed, but their presence is capping upside momentum and creating resistance. The market currently trades closer to $2,100, far below that wall.
CW explained that while the whales are not actively selling, the wall is designed to push prices lower, with support zones forming near the $2,000 area. The chart reflects a classic setup where large orders can dominate short-term price action.
On the weekly timeframe, analyst The Great Mattsby highlights Ethereum holding the 0.786 Fibonacci retracement level at $2,026. Sentiment has turned extremely bearish, yet the support is holding, suggesting a potential contrarian opportunity. A breakdown below this level would expose a deeper decline toward $1,017, while a successful defense could see ETH retest higher resistance zones above $2,400 and $3,000.
Key levels: $2,400 sell wall, $2,026 support, and a possible downside target at $1,017. The market is at a decision point where whale orders and Fibonacci structure will likely determine the next trend.
