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Selling Pressure from Long-Term Holders
January 10, 2025, Onward: ETH stays under pressure due to LTHs who begin selling out since they feel the loss of confidence amid an ongoing slide in the crypto market. The reason it's significant is because LTHs are supposed to hold on for very long. Continued selling from LTHs could mean some concern for price prospects short term. In these comparisons, about 190,000 ETH are being sold, mainly by the so-called large or whale holder classes, as their counterpart sold just an amount approximately the size of 80,000 of around 80,000 in Ether. A part of it therefore indicates this as a transformation among the trading and market activities through which one possibly can now confirm his/her fearfulness about that event in action from the direction given.
Major Outflows from Ethereum ETFs
Major outflows for Ethereum (ETH) exchange-traded funds (ETFs) occurred in the past week, primarily on January 8, 2025. On that day, Ethereum ETFs experienced net withdrawals of $159.4 million, which just so happens to be the largest single-day withdrawal since July 2024. This withdrawal is also the second-largest for U.S. spot Ethereum ETFs. Fidelity's FETH was the primary driver of those outflows at around $147.7 million. Outflows from ETHE were $8.3 million. There were no other significant changes noted in ETHA and ETHW, which proves that the selling was mainly targeting specific ETFs. This, in general, is a result of increasing investor wariness in the Ethereum market.
Technical Analysis: Resistance and Support Levels for Ethereum
ETHUSD pared some of its gains following the footsteps of Bitcoin. Overall trend remains bullish as long as support of $3000 remains intact. The key near-term resistance is at $3400 any breach above targets $3600/$3800/$4000. A robust bullish trend will only materialize above $4100.
Conversely, immediate support is around $3000. Any violation below will drag the price down to $2770/$2500/$2300. A breach below $2000 could see Ethereum plummet to $1,800.
It is good to buy on dips around $3000 with a stop loss of around $2770 for a TP of $4000.
