Ether’s sprint toward the $4,000 finish line appears to have tripped over its own shoelaces. After two weeks of heady gains, ETH has stumbled more than 3% to around $3,696, a gentle reminder that even the hottest tokens occasionally catch a chill.

While true believers continue waving their bullish flags, technical indicators have started muttering less encouraging things. Front Runners, a crypto analytics account on X, pointed out that ETH has now outperformed Bitcoin for 14 days in a row, an impressive feat, assuming physics and market gravity no longer apply. They labeled the streak “unsustainable without consolidation,” also noting the RSI has overheated, much like a retail trader’s expectations during alt season. Sentiment, it seems, may have crossed from bullish to “hold-my-beer” euphoric.

Others are singing from a similar hymn sheet. Michaël van de Poppe warned of a potential “violent correction” as ETH dipped toward $3,650, while “Andrew Crypto” described the token’s recent strength as “insane” before offering the buzzkill caveat that some form of pullback is both healthy and overdue. Think of it as cardio for your portfolio.

Still, not everyone is sweating the red candles. Back on July 8, “Crypto Rand” confidently declared that ETH hitting $4,000 was “programmed,” which, while comforting, raises questions about who exactly wrote the code. CryptoQuant data cited by Crypto Rover shows whale wallets are bulging; record-high buying activity that would make even the most stoic bear raise an eyebrow.

Corporate enthusiasm hasn’t waned either. SharpLink Gaming just bought nearly 80,000 ETH last week, their largest weekly scoop to date, bringing their stash to over 360,000 ETH and proving once again that “buy the dip” is more fun when you have $96 million in pocket change.

In the short term, though, Ether faces a test of endurance. With multiple support levels breached and volume surging during the July 22 slide, the market seems to be hinting: the climb to $4K might not be a straight line.

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