Just caught something interesting on the ETH price chart. The same bearish divergence that triggered that nasty 9% dump two weeks ago just showed up again on the daily. RSI peaked back in mid-March, but when price pushed higher this week, momentum failed to follow. Classic setup, right?

Here's where it gets tricky though. Last time this pattern fired, whales were dumping like crazy. This time? The data shows them actually accumulating. Their holdings ticked up from 123.75M to 123.91M over the past few days, which is the opposite move. Plus the funding rate flipped positive, meaning traders are leaning long instead of short. So the technical warning is still there, but the market structure underneath feels different.

For the ethereum price to invalidate the bearish setup, we need a daily close above $2,377. If that fails and whales start distributing, then $2,252 becomes the first real test. That level held perfectly during the last correction and has a massive cluster of long-term holders sitting there around $2.23K-$2.25K. Below that, the next demand zone is way down at $2,067-$2,085 with nearly 1.4M ETH stacked in cost basis.

The divergence is active but not guaranteed to play out the same way. Whale flow is the wildcard here. If they keep buying the dips, this could be a fakeout. If they flip to selling, we could see a deeper flush. Worth watching the next few days.