ETH Price Outlook: Bears Maintain Control as Long-Term Holders Offload 45K ETH Daily
is still going down, and long-term holders are tradeing at the quickest rate since 2021. According to Glassnode, addresses that have held ETH for three to ten years have sold or moved more than 45,000 ETH every day for the previous three months.
This is the highest amount of activity since February 2021. When there is a large rally, these investors usually take their money out to lock in profits or lower their risk. Until this group stops tradeing, purchaviewrs may be cautious about coming back with significant momentum.
Market Data Highlights Bearish Sentiment
ETH’s price right now is $3,211, which is about 10% less than it was 24 hours ago and 21% less than it was a month ago. ETH is now around 35% lower than its August peak of $4,946. The amount of trades rose 32.7% to $49.6 billion, while the volume of derivatives trades rose 27.6%.
This shows that there is more trading going on as prices go down. Open interest in ETH futures, on the other hand, fell 7% to $37.8 billion. This is a sign that traders are closing out their positions instead of opening new ones with leverage. Data from the futures market backs up this pessimistic story.
CryptoQuant that ETH’s Net Taker Volume (30-day moving average) is still negative, which means that there are still more tradeers than purchaviewrs in the market. In the past, ETH has only found a stable bottom when this indicator turned positive. This means that the current period of sideways or negative movement could last until people begin to trust the market again.
Technical Analysis Confirms Downtrend
Technical indicators are still in line with the general gloomy mood:
- ETH is trading close to the lower on the daily chart, which shows that prices are still under pressure.
- All of the major moving averages, from the 10-day to the 200-day, are above the ETH price, which makes the downward trend even stronger.
- The relative strength index (RSI) is currently at 34, which means that the momentum is fragile but not yet at an extreme oversold level.
- The MACD and other short-term indicators are still in the negative range, which doesn’t give us much hope for a bullish turnaround in the near future.
To remain strong in the short term, will need to re-enter the $3,350–$3,400 resistance range. If not, keep an eye on $3,000, $2,850, and $2,700 as crucial support levels. These might be the price floors in the near future if tradeing continues.
Outlook: Cautious Until tradeer Momentum Fades
The way the market is acting right now shows why purchasers are still waiting. Veteran ETH holders are tradeing more, while futures data and technical indicators remain negative. This suggests that ETH may struggle to establish a clear new base without a noticeable shift in sentiment.
Traders should expect more volatility until Net Taker Volume and fundamental technical signs become positive. ETH’s short-term outlook is primarily negative, with risks to the downside.
are still in charge for now, and the market is waiting for signals that both long-term investors and aggressive traders are begining to purchase again before it expects a large change.
