Ethereum Price at Risk: Selling Pressure Signals Possible Drop Below $3,000
Ethereum faces potential downside risk below $3,000 due to increasing selling pressure and bearish derivatives positioning.Summary
Ethereum's price is showing signs of rolling over after failing to sustain resistance, with selling pressure increasing and bearish market conditions prevailing. While long-term holders (LTHs) are still accumulating, this support might be insufficient against macro and derivatives pressure. The ETH derivatives market shows futures positioning heavily skewed short (over 83% bearish), creating a danger zone around $3,000 where approximately $368 million in long liquidations could accelerate a drop. Momentum indicators, like the Money Flow Index (MFI) slipping below 50, confirm that selling pressure is gaining control. Technically, the 12-hour chart suggests a double top pattern targeting a move toward $2,900 if the $3,085 support is lost, potentially leading to a crash below the $3,000 psychological level.
(Source：BeInCrypto)