This distribution shift implies that while Ethereum’s largest holders are offloading, likely for profit-taking or reallocation, medium-sized whales are buying the dip in anticipation of a breakout.

Such an absorption of sell-side pressure has kept Ethereum from falling in recent weeks, but the activity is insufficient to push Ether toward the $4,000 target.

Adding to Ethereum’s resistance stack is a long-term symmetrical triangle breakdown visible on the two-week chart.

ETH broke below the triangle’s lower trendline earlier this year, confirming a bearish continuation pattern with its downside target at around $530. The decline paused after a strong bounce from the 200-EMA on the same time frame (~$1,600), but the triangle breakdown remains active.