Ethereum’s price has struggled to recover, hovering around the $1,700 mark over the last few days. Despite attempts to break higher, ETH has failed to gain significant momentum. 

This lack of progress in price movement has prompted large-scale sell-offs from Ethereum whales, compounding the bearish sentiment.

In the past three days, addresses holding between 100,000 and 1 million ETH have aggressively sold about 1.19 million ETH, worth more than $1.8 billion. These whales’ decision to offload significant amounts of Ethereum highlights a shift in market sentiment, as they likely aim to offset potential losses from the stalled recovery. 

With Ethereum failing to gain momentum above the $1,700 mark, these large holders appear to be capitalizing on the current price levels, driving the market lower. The sell-off by these whale addresses signals a lack of confidence in the short-term price movement of Ethereum. 

The overall macro momentum of Ethereum appears weak, as indicated by the deeply negative MVRV Long/Short Difference of -29%. This indicator shows that long-term holders (LTHs) are struggling to maintain profitability. STHs typically sell quickly after making a profit, which adds to the volatility and bearish pressure on Ethereum’s price.

With STHs dominating profits, Ethereum is increasingly susceptible to further declines. As more short-term investors sell off their holdings, it’s likely that Ethereum will face downward pressure, especially if there are no significant catalysts to drive the price upward.

Ethereum’s price currently sits at $1,570, having failed to break the $1,700 resistance. The altcoin is holding above the crucial $1,533 support level. But given the broader market cues, further declines are possible if bearish sentiment continues.

Ethereum could face significant resistance in reclaiming upward momentum. Without support from the broader market or positive news, a drop below $1,533 could extend ETH’s downtrend. If Ethereum fails to maintain this support, it may drop to $1,429, marking an extension of the ongoing losses.

However, reclaiming $1,625 as support would signal the potential for another attempt at crossing $1,700. If Ethereum successfully breaches this level, it could push towards $1,745, invalidating the bearish outlook and setting the stage for a reversal.