Ethereum’s price is dropping, influenced by decreased whale accumulation and bearish market conditions. Long-term holders’ potential selling could worsen the decline. Whales holding 1-10 million ETH have paused accumulation, signaling doubts about a quick recovery. Without their support, Ethereum may struggle to stabilize. Macro indicators also show growing strain among holders.

The MVRV Long/Short Difference has fallen to a four-month low, indicating long-term holders are losing profitability. If this trend continues, it could lead to further selling pressure from long-term investors trying to protect gains. This could exacerbate Ethereum’s downtrend and weaken investor confidence.

ETH has fallen 7.4% in the past 24 hours, dropping below $3,000 for the first time in over four months. With support at $2,814 lost, the next target is $2,681, potentially falling to $2,606. A significant sentiment shift is needed to reverse the downtrend and restore confidence in Ethereum.

A potential recovery for Ethereum relies on improved market conditions and long-term holders refraining from selling. A move above $3,000 could signal strength, with further gains pushing ETH to $3,131 or higher. This scenario would negate the bearish outlook and boost investor confidence.

Read more at Yahoo Finance: Where Does Ethereum Whale Accumulation Stand As Price Dips Below $3,000?