ETH Price Dynamics The supertrend reversal and weekly supply zones are pressuring the bulls.

On the weekly chart, the price of Ethereum encounters resistance near a large supply block of Smart Money Concepts (SMC) between $3900 and $4500. This red zone was previously marked by a market structure change at the end of 2021 and now serves as a macroeconomic ceiling.

Despite the recent bullish growth of BOS in July, ETH has stalled in this zone. The parabolic SAR points have begun to narrow, and the price has failed to establish new weekly highs after last week's rise. If buyers do not reclaim $3900 soon, the risk of a reversal increases as institutional supply is absorbed.

ETH price forecast: short-term forecast (24H)
Looking ahead, if the price of Ethereum falls to $3600 today, the bears may target the next dynamic support zone at $3594 (100 EMA on the 4-hour chart), and then at $3307 (200 EMA). This would indicate a deeper retest of the June breakout base.

On the other hand, a recovery above $3700 could provide initial relief. However, to restore the short-term bullish sentiment for ETH, it will need to overcome the level of $3784 ( the Bollinger median band ) and reach the Supertrend level near $3899. Without this recovery, Ethereum will remain exposed to further declines.

Traders should also watch for spikes in volume and RSI divergence on the hourly or four-hour chart to get clues about the formation of a local bottom. A price increase to $3500 may trigger short-term buyer interest, but there is currently no confirmation at these levels.