Ethereum is currently trading at $2,442.32, exceeding 4% in the past day. In the last 24 hours, Ethereum has moved between $2389.71 and $2556.98.
When dormant wallets become active, bear presser grows
According to GlassNode, Eth's vibrancy has hit a record high of 0.69, indicating that long-term holders are moving the coin and are likely to sell. The rise shows dormant accounts are becoming more aggressive and increasing bear pressure on Ethereum amid weak demand and slowing markets.
Defilama's data shows that the Ethereum chain has dropped significantly over the past few weeks. This declined from ETH 2,799 million on May 6th to approximately $25 million.
Plus, weak purchase interest and lower capital inflows are increasing pressure. If sales continue, it could fall in $2,185, or even lower in May. However, a bounce in demand could turn the trend upside down and bring momentum back up.
ETF spills add to short-term price risk
On June 20, Ethereum ETFS saw a net leak of $11.3 million, according to Farside investors. The biggest withdrawal arrived at $19.7 million from ETHA, but Eth and Ethv saw a modest inflow of $6.6 million and $1.8 million. No other ETFs report any activity.
Ether sees a huge liquidation
Ethereum has seen $170 million in liquid in the last 24 hours, and has been around $157 million in length. Santiment data shows that ETH is flowing into central exchanges at an unusually high rate, significantly more than the outflow. Unless your purchase is picked up, ETH can face short-term drawbacks.
ETH is below $2.5k
Ethereum's moving average also shows an almost weak picture. Short-term indicators such as EMA and SMA for 10 to 30 days are all signaling sales, with prices down to a major resistance level of less than about $2,500.
If Ethereum surpasses its $2,800-$2,850 resistance zone over the next 30 days, it could reach $3,000. This move may be supported by a strong foundation and new influx from ETH ETFs. However, the current trend is weak, so the actual breakouts need to hold a stronger purchase momentum.
Ethereum could retest the $2,800-$2,900 range in June if bullish momentum recovers. However, if the macro conditions deteriorate, there is a risk of it dropping to $2,280.
