Ethereum is once again under new selling pressure as sentiment grows cautious. Trend observers cite aggressive selling by leading players in addition to broken breakouts above key support levels. Until such time trend directions shift, the near-term outlook for ETH remains bearish with room for correction.
At press time, ETH is trading at $4,011.90, with a 24-hour trading volume of $60.07 billion and a market cap of $486.42 billion. Over the last 24 hours, ETH has dropped -3.93%, signaling that the latest correction may not yet be over.
Adding to the bearish sentiment, prominent crypto analyst Ted emphasized that Grayscale offloaded ETH worth $53.81 million on Coinbase. The heavy selling pressure was observed, suggesting that large institutional investors are not acquiring Ethereum at this time, lending credibility to the bearish narrative.
Another popular analyst, Alpha Crypto Signal, noted that Ethereum was unable to retake a key broken support level recently and is settling near the $4,050 region. He contended that all such retracements of this zone have witnessed strong selling pressure, proving that sellers are in control and the breakdown is authentic and not a spurious movement.
He also explained that as long as ETH is unable to realistically reclaim that broken support level, near-term bias is to the downside. Short positions on failed tests, in his opinion, are still the best such set-ups, invalidation only if ETH recovers back above the broken zone. For now, momentum is in favor of more downside, suggesting the correction isn’t quite over.
The market will watch closely if Ethereum is able to sustain above major levels in future sessions or if it will suffer more declines to take it further into bearish territory.
Also Read | Ethereum Struggles Below Critical Levels: Will $4,000 Support Hold?
The RSI stands at 57.68, declining from a recent high of 64.71, suggesting momentum is slowing. Major supports along the MA Ribbon are $3,466, $3,008, and $2,927, and they would act as safety nets if selling resumes.
The MACD, the blue line stands at 83.65 and the signal line at 422.66, showing a dwindling bullish gap. The histogram is condensing, indicating waning buying pressure. If momentum keeps losing vigor, Ethereum will test lower support levels before buying resumes.
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