Ethereum (ETH) Shows Bearish Signs Amidst Price Decline Predictions

Ethereum (ETH) Facing Sluggish Performance

Ethereum (ETH) is currently underperforming compared to other leading cryptocurrencies, leading to significant sell-offs by whales and investors. A recent report highlighted a major sell-off by a dormant whale, influencing market sentiment.

Ethereum Technical Analysis and Future Outlook

Technical experts are noting a bearish double-top pattern in ETH’s price action, along with bearish divergence on various charts. These patterns historically indicate a potential price decline in the near future.

Current price movements suggest that if ETH falls below the $3,250 mark, it could decline by 8% to reach $3,010. However, the asset is currently trading above the 200 EMA on the daily chart, suggesting a possible uptrend. The RSI also indicates room for price growth in the coming days.

For the bearish trend to be invalidated, ETH must surpass and close a four-hour candle above $3,400.

On-Chain Metrics Reflect Weak Sentiment

On-chain metrics by Coinglass show a Long/Short ratio of 0.90 for ETH, signaling bearish sentiment among traders. Additionally, a decrease in open interest suggests a waning interest in ETH, leading to position liquidations.

Current Price Momentum

ETH is currently trading around $3,315, with a 2.1% drop in the last 24 hours. Trading volume has decreased by 29%, indicating reduced trader participation compared to previous sessions.