Over the past two weeks, Ethereum (ETH), one of the leading cryptocurrencies by market capitalization, has exhibited minimal price fluctuations despite the broader crypto market demonstrating bullish momentum. This lack of movement in ETH's price occurs concurrently with intensifying selling activities, which suggests a cautious short-term outlook for Ethereum as the current week progresses.

Recent statistics highlight substantial selling pressure on Ethereum. In the last 48 hours alone, investors have unloaded more than 225,779 ETH tokens, equating to a supply value of approximately $576 million. This rapid pace of selling reflects heightened investor activity aimed at liquidating positions.

The significant volume of sales indicates diminished investor confidence. Many participants seem to be taking profits amidst concerns regarding continued price growth. Such actions typically signal a transition towards risk-averse strategies within the short-term horizon.

Technical analysis further supports the bearish sentiment surrounding Ethereum. The Moving Average Convergence Divergence (MACD) indicator has recorded a bearish crossover following nearly seven weeks of bullish trends. This shift often anticipates either a decline in prices or increased volatility.

The loss of bullish momentum weakens Ethereum’s price floor. Absent new buying demand, ETH might encounter additional downward pressure as traders realign their portfolios based on technical cues.

At present, Ethereum trades close to $2,553, holding a crucial support level around $2,500. The dominant altcoin has remained above this mark for an extended duration; however, its capacity to sustain this level is under scrutiny.

Should bearish forces persist, Ethereum may fall below $2,500 and descend further towards the subsequent support at $2,344. Conversely, should buying enthusiasm reemerge, ETH could stabilize between $2,500 and the resistance level of $2,654 for a certain duration.

To alter the short-term bearish forecast, Ethereum needs to surpass the resistance near $2,654. A prolonged breakout beyond this threshold could propel the price upward toward $2,814, reviving investor optimism and facilitating additional gains.

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