Ethereum’s price recently faced resistance in its journey toward the $3,000 mark, struggling to secure $2,700 as a solid support floor. The recent price action saw unexpected selling pressure that prevented further gains, yet this offloading seems to be easing. 

With resistance levels now tested, ETH could see renewed buying momentum, suggesting a more favorable outlook in the coming weeks.

Ethereum Is Noting a Slowdown in Selling

Ethereum’s exchange net position change has been trending downwards since the beginning of the month, a positive sign for ETH’s potential rally. As the metric inches closer to the neutral line, this shift indicates that selling pressure is declining. If it flips below neutral, it would imply that buying is beginning to outpace selling, a bullish signal that may help Ethereum reclaim critical support levels.

A decline in exchange positions often reflects reduced selling pressure as traders opt to hold ETH rather than offload it. This sentiment shift would benefit Ethereum’s price trajectory, as reduced sell-side pressure can allow room for a surge.

Read more: How to Invest in Ethereum ETFs?

In terms of macro momentum, Ethereum’s mid-term holders (MTHs)—addresses holding ETH for between 1 and 12 months—have been notably active. As ETH’s price dipped this week, these MTHs moved approximately 700,000 ETH, valued at over $1.7 billion. 

Such movement by mid-term holders indicates market uncertainty, with this cohort often being more responsive to price shifts. Their recent activity highlights concerns about the potential downside, as large movements can signal hesitation among investors regarding ETH’s short-term stability.

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Author: Aaryamann Shrivastava