A 300% Spike in Selling Pressure Could Threaten the Ethereum Price Bounce
A 300% surge in selling by long-term Ethereum holders coincides with a forming death cross, threatening any recent price recovery.Summary
Despite an almost 10% bounce from weekly lows near $2,600, the Ethereum price recovery faces significant threats from two simultaneous bearish signals. First, selling pressure from long-term holders (hodlers) spiked by 300% on November 23rd, with net selling jumping from 334,600 ETH to 1,027,240 ETH, indicating major long-term investor exits. Second, a technical death cross is nearly formed, where the 50-day Exponential Moving Average (EMA) is set to drop below the 200-day EMA, signaling strong downward momentum. The convergence of surging hodler selling and the bearish EMA structure reinforces the negative outlook, suggesting recoveries are likely to fail and prices may retest lower supports. Currently trading near $2,820, downside risk outweighs upside potential. Key support to defend is $2,710 (0.786 Fibonacci zone); failure here could lead to a drop toward $2,450, or even $1,700 if the trend accelerates. Upside resistance is noted at $3,190 and $3,660, but achieving these levels seems difficult while the dual bearish signals persist.
(Source：BeInCrypto)