Ethereum’s price is under significant pressure, experiencing a steep decline in recent trading. Sellers are gaining control, with bearish momentum suggesting the potential for further drops below a critical support level. A recent death cross in ETH’s exponential moving averages highlights the ongoing downtrend as selling pressure intensifies. Technical indicators show a sharp increase in bearish momentum. The Average Directional Index (ADX), which measures trend strength, has risen significantly, signaling that the bearish trend is gaining momentum. Values above key thresholds indicate that Ethereum is shifting away from sideways movement into a stronger downtrend. The Directional Movement Index (DMI) further reflects this shift. The positive DI, representing bullish pressure , has dropped significantly, while the negative DI, indicating bearish pressure, has surged. This imbalance confirms that sellers are now driving the market , increasing the likelihood of further declines. Despite the bearish trend, whale wallets—those holding large amounts of Ethereum—are showing signs of recovery. The number of wallets holding substantial ETH has grown after a recent decline, reaching a level close to its peak earlier in the year. Tracking whale activity is crucial, as their movements often influence market trends. The accumulation of Ethereum by these large holders suggests a growing confidence in ETH’s long-term potential, even amid short-term volatility. Ethereum’s price faces critical challenges as bearish indicators dominate the market. If the current trend continues, ETH could test significantly lower levels. However, a shift in momentum could allow the price to target higher resistance levels, potentially paving the way for further gains. The market’s next moves will depend on whether Ethereum can hold its key support or if sellers push prices further down. For now, the combination of increased whale accumulation and heightened bearish momentum creates a complex dynamic that traders are watching closely.
