Ethereum currently faces strong selling pressure from whales, delaying its attempt to break above the $3,000 resistance level. A recent increase in whale activity, including substantial ETH transfers to exchanges like Kraken, suggests that major holders are taking profits, which could further impact price recovery. Since June 2022, Ethereum has followed an ascending trendline, providing ongoing support and maintaining a long-term bullish outlook. However, if whale selling persists, it could lead to a 12% drop toward the $2,150 support.

On the technical side, bearish signals, like a potential crossover between the 20- and 50-day EMAs, are adding to market uncertainty. If selling pressure continues, Ethereum’s price may struggle to reclaim momentum for a breakout. On the other hand, positive catalysts, such as potential election-driven market optimism, could counteract these bearish trends and allow Ethereum to rebound from around $2,400, pushing it closer to the $2,800 range. Show Less