ETH Sell Off Surge! Who Is Selling Ethereum?

Ethereum is currently trading at $2442.32, down over 4% in the past day. In the last 24 hours, Ethereum has moved between $2389.71 and $2556.98.

Bearish Pressure Grows as Dormant Wallets Turn Active

ETH’s Liveliness has hit a record high of 0.69, according to Glassnode, indicating that long-term holders are moving their coins and are likely to sell. This rise shows dormant accounts are becoming active amid weak demand and a sluggish market, adding to the growing bearish pressure on Ethereum.

Data from Defilama shows that the Ethereum chain has experienced a significant drop over the past few weeks. It has dropped from 27.99 million ETH on the 6th of May to around $25 million.

Besides, weak buying interest and falling capital inflows are adding to the pressure. If selling continues, it could fall to $2,185 or even to its May low. However, a bounce in demand could flip the trend and shift momentum back to the upside.

ETF Outflows Add to Short-Term Price Risks

On June 20, Ethereum ETFs saw a net outflow of $11.3 million, according to Farside Investors. The biggest withdrawal came from ETHA with $19.7 million, while ETH and ETHV saw modest inflows of $6.6M and $1.8M. Other ETFs reported no activity. 

Ether Sees Huge Liquidations

Ethereum has seen $170 million liquidations in the last 24 hours, with $157 million in long positions. Santiment data shows that ETH is flowing into centralized exchanges at an unusually high rate, significantly more than outflows. Unless buying picks up, ETH could face more short-term downside.

ETH Stuck Below $2.5K

Ethereum’s moving averages also show a mostly bearish picture. Short-term indicators like the 10-day to 30-day EMAs and SMAs are all signaling sell, with prices below key resistance levels around $2,500. 

If Ethereum breaks above the $2,800–$2,850 resistance zone in the next 30 days, it could climb toward $3,000. This move may be backed by strong fundamentals and new inflows from ETH ETFs. But the current trend is weak, so a real breakout will need stronger buying momentum to hold. But if macro conditions worsen, it risks dropping to $2,280.