Ethereum Weakens as Sellers Take Control Below Key Resistance

Ethereum weakened by about 3% on Thursday, erasing some of the gains from the previous two days.

The on-chain data paints a somewhat mixed but overall slightly bearish picture. Over the past week, various investor groups have been under selling pressure. Whales holding between 10,000 and 100,000 ETH sold roughly 340,000 ETH from March 24 to 30 after being active buyers during the recent dip. However, they have started buying again this week, adding around 270,000 ETH in the last two days.

Meanwhile, mid-sized holders with between 100 and 10,000 ETH continued to reduce their positions, selling about 200,000 ETH during the past week.

Demand for US spot ETH ETFs appears weak, with inflows recorded on only two days in the last two weeks.

In derivatives markets, open interest dropped from 14.6 million ETH to 13.52 million ETH, hitting the lowest level in a week, and funding rates have remained negative. This suggests traders are generally bearish and stepping back from exposure.

On a positive note, staking demand is holding up well, with total staked ETH rising by 1 million over the past month, which could be a longer-term positive sign.

Technically, ETH is moving within a descending channel on the 4-hour chart, making lower highs with consistent selling pressure. The price faced rejection around the 2,150 to 2,200 resistance range and is now near 2,050.

Key levels to watch:

Resistance: 2,110–2,200, then 2,380
Support: 2,000–1,980, then 1,930–1,890, and 1,750

Momentum is fading, and a bearish MACD crossover points to weakening buying power.

If ETH drops below 2,000, the next support levels are around 1,930 and 1,890. On the other hand, pushing and holding above 2,200 would challenge the bearish outlook and could lead to a move toward 2,350–2,400.

For now, ETH is trading in a range but leans bearish. Any rallies are likely to face selling pressure unless the price clearly moves back above 2,200.

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