Ethereum Price Chart Flashes a Bearish Warning — Could This Be a ‘Long-Term’ Risk?
Ethereum's price faces downside risk due to a hidden bearish RSI divergence and increased selling by long-term holders.Summary
Despite a recent 10% bounce, the Ethereum price, trading around $3,000, shows underlying weakness indicated by technical and on-chain data. A hidden bearish divergence on the Relative Strength Index (RSI) suggests momentum is weakening despite a higher low in price, signaling that sellers maintain control. Compounding this is significant selling pressure from long-term holders, whose net position change has been deeply negative throughout the month, with weekly outflows sharply increasing to nearly 973,000 ETH by November 28. Technically, ETH is consolidating near a tight pennant structure, resting just above the $3,016 support level (0.382 Fibonacci). A break below this support could lead to a 5% dip toward $2,864 or further down to $2,619 if long-term selling persists. The bearish outlook remains dominant unless ETH can decisively break above the $3,138 resistance level.
(Source：BeInCrypto)