Ethereum (ETH) has declined by 2% due to increased selling activity from long-term holders (LTHs) and a buy-the-dip strategy from whales. The selling pressure from LTHs has led to over 300,000 ETH being moved in the past three days, resulting in $700 million in profits and $70 million in losses. However, there has also been evidence of bulls buying the dip, with over 800,000 ETH being withdrawn from exchange reserves. In addition, whales have been accumulating ETH. Ethereum's derivatives market has shown weakness, and ETH exchange-traded funds recorded net outflows. The market outlook for Ethereum is expected to be volatile in the short term due to increased attention and upcoming upgrades. Ethereum has struggled to see a recovery since the price decline on February 3 and may continue to trade within a rectangular channel between $2,817 and $2,200. To break out of the potential bearish trend, ETH needs to overcome the $2,817 resistance level. If rejected, it could find support at $2,200. The RSI and Stoch indicators suggest bearish momentum, while the MACD indicates weakening negative momentum.



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