Ethereum Price Chart Flashes a Bearish Warning — Could This Be a ‘Long-Term’ Risk?
Ethereum worth trades round $3,000, however the chart and on-chain knowledge each point out a strain zone that merchants can’t ignore. Momentum seems to be unstable, as one key holder group continues to promote.
The Ethereum worth is caught at a level the place even slight shifts can alter the complete construction.
Momentum Weakens as Long-Term Sellers Step In
The ETH price has tried to get well over the previous week, rising roughly 10%, however the broader development stays down 23% during the last 30 days. The bounce seems to be wholesome on the floor, but the conduct beneath the chart tells a totally different story.
The RSI, or Relative Strength Index, measures momentum. A hidden bearish divergence has fashioned between November 18 and November 28.
The Ethereum worth made a increased low, however momentum made a increased high. When this occurs throughout a downtrend, it usually alerts a weak rebound and that sellers nonetheless management the development.
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Who are these sellers? On-chain knowledge offers the reply.
Hodler Net Position Change — which reveals whether or not long-term holders are adding or removing ETH — has stayed deep in pink for the complete month. Red readings imply long-term wallets are sending ETH again towards exchanges.
Over the final week, that strain has elevated sharply. On November 22, long-term holders offloaded about 334,600 ETH, however by November 28 the determine had grown to roughly 973,000 ETH — a rise of about 191% in six days.
There was additionally a native spike close to 1.1 million ETH on November 26. This regular enhance in weekly outflows signifies that the cohort that usually stabilizes the market is now leaning extra closely in the direction of the promote facet.
Momentum softening and long-term promoting occurring collectively give ETH a clear draw back threat.
Ethereum Price Sits at a Tight Break Point
The Ethereum price can also be closing in on the sting of a pennant construction. This can break both approach.
ETH now trades proper above the $3,016 help zone, which strains up with the 0.382 Fibonacci degree. If this ground breaks, the following ranges sit at $2,864, a 5% dip. A deeper slide might open $2,619, particularly if long-term promoting continues.
To cancel the bearish setup, ETH should push above $3,138. That degree breaks the higher pennant trendline and flips the short-term bias. Without that break, the chart stays weak.
Pennants can technically break both approach, however the RSI setup and long-term promoting tilt the Ethereum worth threat towards a draw back break except consumers step in quickly.
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