Long-term holders of Ethereum are selling at a fast pace, putting pressure on the market sentiment and causing the price of ETH to weaken. Futures data shows negative net taker volume, indicating buyers have not regained control. Technical indicators suggest a bearish trend, with ETH trading near $3,211 and down 10% in the past 24 hours. Traders are closing positions rather than building new leverage as derivatives activity increases. Long-term ETH holders have been selling over 45,000 ETH per day on average, the highest level since February 2021. This selling activity may indicate a need for ETH to stabilize before buyers regain confidence. Ethereum’s Net Taker Volume remains negative, suggesting the market may experience more downward movement before forming a clear base. Technical analysis shows Ethereum trading close to the lower Bollinger Band on the daily chart, with major moving averages below the price. ETH would need to reclaim the $3,350–$3,400 range to gain traction, with potential support levels at $2,850 and $2,700.
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