Ethereum holders have sold over 570 million USD in the past 48 hours - What will happen next?

Ethereum (ETH) has had little price fluctuation over the past two weeks, although the crypto market as a whole is showing growth.

Stagnation occurs at a time when selling activity is increasing significantly. These factors suggest a cautious outlook in the short term for Ethereum this week.

Ethereum investors take profits

Recent data from Glassnode shows that selling pressure for ETH has increased significantly. In the past 48 hours, investors have sold more than 225,779 ETH tokens, equivalent to a supply worth approximately 576 million USD, reflecting the rapid pace of profit-taking.

The massive sell-off indicates a decline in investor confidence. Many seem to be preserving profits amid doubts about the potential for prices to rise further. This behavior often signals a short-term shift towards risk aversion.

Change of Ethereum's position on the exchange | Source: GlassnodeTechnical indicators add to the bearish sentiment surrounding Ethereum. The MACD line shows a bearish crossover after nearly 7 weeks of recording an upward trend. This change often occurs before a price drop or increased volatility.

The loss of growth momentum weakens support for Ethereum. Without new interest from buyers, ETH may face stronger downward pressure as traders adjust positions in response to technical signals.

MACD of Ethereum | Source: TradingView## ETH price stagnation

Ethereum (ETH) is currently trading near $2,535, falling below the important support level around $2,500.

With the continued downward pressure, Ethereum has returned below $2,500 and even dropped below the support level at $2,344. However, if buying power returns, ETH could consolidate between $2,500 and the resistance level of $2,654 in the near future.

ETH Price Analysis | Source: TradingViewIn order for the short-term bearish outlook to change, Ethereum must break the resistance level near $2,654. A move above this point could push the price up to $2,814, rekindling investor optimism and continuing to support the growth momentum.

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