Ethereum Under Selling Pressure

Ethereum (ETH) price has gained around 6% over the past week and is showing signs of a rebound. However, the drop of over 2% on the daily chart suggests that selling pressure is still ongoing and has prevented the price from making a decisive breakout to the upside.

According to Glassnode data, the accumulation ratio of active Ethereum holders has fallen by about 1% since the peak of the last quarter, indicating that investors are less willing to buy and the market is moving cautiously. At the same time, Ethereum outflows from exchanges have also fallen by 43%, which is usually a sign of increased short-term selling.

Ethereum is currently facing a supply wall at the $4,280-$4,320 resistance level, with sellers becoming active every time it approaches this level. However, the Smart Money Index is still trending upwards, indicating that some experienced investors are hopeful for a near-term price rebound.

A clear break of $4,395 could pave the way for an uptrend, but a drop below $3,918 would signal a weakening of the uptrend.