Ethereum Price Eyes Mid-Week Bounce as Selling Pressure Craters 85%
BeInCrypto
Ethereum is showing signs of a potential price rebound as technical chart patterns and a sharp decline in exchange inflows suggest fading selling pressure.Summary
Ethereum is currently hovering near $2,330, displaying a potential reversal structure through an inverse head-and-shoulders pattern and hidden bullish divergence. On-chain data from Glassnode supports this outlook, showing an 85% drop in exchange net position changes since early May, indicating that selling pressure is cooling off. Mid-term holders are also increasing their positions, further signaling potential exhaustion. To confirm a projected 9% upside toward $2,642, Ethereum must hold above the $2,309 floor and reclaim key resistance levels, with a failure to maintain these supports likely leading to a breakdown of the current bullish setup.
(Source：BeInCrypto)