Ethereum (ETH) is entering a difficult period as the price continues to fluctuate around the support level without being able to create a clear upward momentum, despite the recovery trend of the cryptocurrency market in general. The most notable development is that hundreds of millions of USD worth of ETH have been sold in just the past two days - a sign that profit-taking sentiment is increasing and could push ETH into a risky area in the short term.

Strong selling pressure from individual and institutional investors

Data from analytics platform Glassnode recorded that in the past 48 hours, investors sold more than 225,779 ETH, equivalent to about $576 million at the current exchange rate. This is one of the largest sell-offs in recent times, reflecting cautious sentiment and capital withdrawal after a prolonged period of price increase.

The massive profit-taking by investors may stem from doubts about ETH’s ability to continue rising in the short term. This action is often associated with risk-off sentiment and could be the start of a correction cycle.

Technical signals tilt to the downside

Technical indicators are reinforcing the negative sentiment on Ethereum. The MACD indicator has appeared a bearish crossover – a sign that bullish momentum is weakening after nearly seven consecutive weeks of growth. This is usually a signal that the possibility of a deep decline or strong volatility in the coming time.

In addition, the lack of buying power is also causing ETH to gradually lose important support levels, increasing the possibility of a decline if new money does not return to the market soon.

ETH price weakens around the support zone

Ethereum is currently trading near $2,535, having just lost an important support level at $2,500 and having hit a low of $2,344. If the selling pressure continues, ETH may continue to fall further.

However, if the buying pressure returns, Ethereum can completely recover and return to the consolidation zone between $2,500 - $2,654. The $2,654 level is currently acting as an important resistance level, and only by overcoming this level can ETH aim for the next target at $2,814.

Short-term outlook remains cautious

In the current context, Ethereum is under pressure from both technical factors and market sentiment. Strong selling pressure combined with signs of weakness on indicators makes the short-term price outlook tilted to the negative direction. To break this pattern, ETH needs to quickly regain the key resistance level and attract investors' attention again.

In the coming time, ETH's price movements will depend largely on market sentiment and clearer recovery signals from buying money flows.