Ethereum’s (ETH) price has struggled to maintain sustained bullish momentum in recent weeks. Due to a series of bearish developments, the altcoin has hovered around the $2,300 level. 

Despite attempts to push higher, selling pressure has weighed heavily on ETH, leaving its path to $3,000 uncertain.

Holders Prepare to Sell ETH

Ethereum’s price has witnessed the largest bout of selling pressure in the past six months. In the last two weeks alone, investors have moved over 255,869 ETH, worth more than $596 million, to exchanges. This surge in selling pressure mirrors the intense profit-taking observed back in March, creating a challenging environment for Ethereum’s price recovery.

Such selling indicates waning confidence among investors, further preventing ETH from gaining upward momentum. With market sentiment still bearish, Ethereum’s ability to bounce back to previous highs may be challenged.

Furthermore, Ethereum’s macro trend is closely tied to its correlation with Bitcoin. Historically, ETH’s price tends to decline whenever its correlation with Bitcoin weakens. At present, the correlation between ETH and BTC has dropped to 0.54.

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The lower correlation with Bitcoin could lead to increased volatility for Ethereum, leaving it more susceptible to downward price movements. As the market waits for clearer signals, this weakening correlation adds further uncertainty to ETH’s short-term price action.

Ethereum Price Prediction: Bearish

Ethereum’s price is currently trading at $2,334, just below the key resistance of $2,344. Given the ongoing sell-off and weakening market conditions, a rise to $3,000 seems unlikely for now.

Instead, if the selling pressure continues, ETH is more likely to slip toward $2,170. While a decline below this support is improbable, it remains a risk.

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Should broader market sentiment turn bullish, Ethereum could regain momentum and rise to $2,681. Breaching this level would invalidate the bearish outlook, enabling a further climb to the $2,930 barrier, with the potential to push ETH toward $3,000.