Ethereum Faces Selling Pressure as Resistance Holds Near $3,310 Level

• Ethereum falls 2.79% to $2,861.34 with a daily trading volume of $46.08 billion 
• ETH struggles beneath the $3,310 resistance level, targeting the next Wave C at $2,250.
• Whale transfers 50,000 ETH ($145 million) to Gemini, indicating possible volatility in the near term.

Ethereum (ETH) is facing short-term selling pressure as it struggles to climb above key resistance. Market activity signals a corrective phase, with caution dominating market sentiment. Significant transactions from large wallets and technical analysis indicate possible market volatility, with a possible bounce before a strong downward move. 

Currently, ETH is trading at $2,861.34, with a decrease of 2.79% in the last 24 hours. The daily trading volume is $46.08 billion, and the total market value of Ethereum is approximately $345.35 billion. Ethereum currently has a market share of 11.75% of the total cryptocurrency market.

The recent price decline comes as ETH struggles to regain higher levels after earlier attempts to recover. Market dynamics indicate that ETH is currently in a corrective phase, with sellers consistently pushing against key resistance levels.

Ethereum Eyes $2,250 Wave C Target

Technical analyst More Crypto Online posted an update saying that Ethereum is still following the predefined wave pattern.  According to the analysis, ETH needs to remain below the $3,310 level to keep the preferred scenario valid. A short-term rebound is expected next week, labeled as wave B, before a larger downward move unfolds. The analyst has picked $2,250 as a target for the next fall in wave C of the larger cycle.

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Ethereum Faces Critical Price Swing Risks

Adding to the uncertainty, a whale on the Ethereum network that has been dormant for a long time has suddenly awakened. According to the blockchain data shared by EmberCN, an address that had been dormant for nine years moved 50,000 ETH, valued at $145 million, to the Gemini exchange in the last 12 hours. 

Historical information shows that the same address withdrew 135,000 ETH from Bitfinex nine years ago when Ethereum was valued at approximately 90 USD. Since then, the price of ETH has risen over thirty times. Despite the recent transaction, the wallet still contains 85,000 ETH, which is valued at approximately 244 million USD.

Technical analysis and large-scale transactions indicate that ETH is likely to experience more price fluctuations in the coming period. Although a temporary rebound is always a possibility, overall negative risks persist as ETH passes through this crucial stage.

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