Ethereum recently encountered resistance on its way to $3,000, grappling with securing $2,700 as a firm support level. The market experienced unexpected selling pressure, hindering upward gains, but this pressure is now diminishing.
The downtrend in Ethereum’s exchange net position change signals lessened selling pressure, indicating more traders are holding ETH rather than selling. If the buying pressure surpasses selling pressure, it would support critical price levels, contributing to ETH's recovery.
Increased activity from mid-term holders, those holding ETH for 1-12 months, highlights market uncertainty. Their movement has introduced volatility; however, lower activity from other groups is stabilizing the market.
Currently priced at $2,538, Ethereum aims to reclaim support at $2,546 before pushing towards $2,698 resistance. The overall sentiment suggests a positive outlook, but sustained support is crucial for further upward momentum.
While Ethereum sticks to a two-month uptrend, maintaining this level is vital for ongoing positive momentum. A fall below this trend could threaten ETH's bullish stance and introduce wider market uncertainty.
