Ethereum is under bearish pressure. What's next?Ethereum is under bearish pressure, with the amount of ETH sent to exchanges gradually increasing. This coincides with Ethereum facing strong resistance at the $2,750 price level.
Currently trading below $2,500, Ethereum could see further declines if the selling pressure continues. Exchange reserves have risen, with 19 million ETH valued at $47 billion now held on exchanges. A significant drop in large holders’ net flow, down 17% over the past 30 days and 36% in the past week, suggests that whales are reducing their positions.
This trend is a bearish signal, as it often leads to retail investors following suit, potentially pushing ETH’s price down to $2,100. However, a resurgence in demand could push the price back up to $2,600.