Ethereum's price is struggling to recover and has remained near $1,700 over the past few days. While attempting to rise, ETH has not gained significant momentum.
This price movement's sluggishness has triggered massive selling by Ethereum whales, exacerbating the downward trend.
Ethereum Whales' Selling Movement
Over the past 3 days, addresses holding between 100,000 and 1 million ETH have aggressively sold approximately 1.19 million ETH. This represents a value of over $1.8 billion. These whales' massive Ethereum sell-off emphasizes a shift in market sentiment, seemingly intended to offset potential losses as recovery is delayed.
As Ethereum fails to surpass $1,700, these large holders are using the current price level to drive the market down. The selling by these whale addresses indicates a lack of confidence in Ethereum's short-term price movement.
Ethereum's overall macro momentum appears weak due to a deeply negative -29% MVRV Long/Short difference. This indicator shows long-term holders are struggling to maintain profitability. Short-term holders typically sell quickly after gaining profits, increasing Ethereum's volatility and downward pressure.
As short-term holders dominate profits, Ethereum becomes more vulnerable to further decline. As more short-term investors sell their holdings, Ethereum is likely to experience downward pressure, especially with no significant catalyst to drive prices up.
Will ETH Price Maintain Above $1,500?
Ethereum's price is currently at $1,570 and has failed to break through the $1,700 resistance. The altcoin remains above the critical $1,533 support. However, considering the overall market signals, a continued downward trend is possible.
Ethereum may face significant resistance in recovering upward momentum. Without market support or positive news, falling below $1,533 could extend ETH's decline. If Ethereum fails to maintain this support, it could drop to $1,429, prolonging current losses.
However, recovering $1,625 as a support level would indicate another potential attempt to surpass $1,700. If Ethereum successfully breaks this level, it could push to $1,745, invalidating the downward outlook and setting the stage for a reversal.
