Ethereum slipped 0.556% over the past 24 hours, lagging behind the broader cryptocurrency market, which edged up 0.15%. The modest decline comes amid a confluence of short-term headwinds—including a notable treasury sale and stiff technical resistance—yet remains within the context of a stronger weekly performance, with ETH up 3.06% over the last seven days.
A key catalyst for the dip emerged four hours ago when FG Nexus offloaded 2,500 ETH, valued at approximately $8 million, according to Foresight News. This move added localized selling pressure at a time when market liquidity was already thin. FG Nexus originally accumulated 50,770 ETH at an average price of $3,944 and still holds 37,594 ETH, suggesting this sale may reflect portfolio rebalancing rather than a full exit. Nevertheless, such institutional-scale transactions can unsettle sentiment, particularly when they coincide with technical vulnerabilities or trigger algorithmic stop-loss mechanisms.
On the chart, Ethereum encountered firm resistance near the $3,212 pivot level—a critical psychological and technical threshold. The price also remains below the 200-day simple moving average, currently hovering around $3,661, underscoring the prevailing medium-term bearish bias. While the MACD histogram shows a slight uptick in bullish momentum (+6.19), the 14-day RSI sits at a neutral 51.76, reflecting indecision among traders. The recent weekly gain likely encouraged profit-taking, and the failure to break above $3,212 reinforced cautious positioning among short-term traders.
Broader market conditions haven’t helped either. Escalating geopolitical tensions and a wave of derivatives liquidations have dampened risk appetite across digital assets. Yet despite these crosscurrents, Ethereum’s underlying trend remains constructive on the weekly timeframe. The critical question now is whether buyers can reclaim the $3,212 level. A decisive close above it would open the path toward the next resistance zone near $3,400. Conversely, a drop below $3,150 could invite further downside pressure in the near term.
Source:: Ethereum Pauses Uptrend Amid Institutional Sale and Technical Resistance