Over the past two weeks, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has exhibited minimal price fluctuations, despite the broader crypto market experiencing bullish momentum. This lack of movement in Ethereum's price occurs concurrently with intensifying selling activity, which suggests a cautious short-term outlook for the asset moving forward.

Recent data highlights substantial selling pressure on Ethereum. In just the last 48 hours, investors have liquidated more than 225,779 ETH tokens, equating to a value of approximately $576 million. This rapid offloading indicates heightened selling intensity, potentially signaling diminished investor confidence. Market participants seem to be locking in profits amid uncertainty regarding future price increases, a trend commonly associated with a shift toward risk-averse behavior in the near term.

Technical analysis further supports the bearish sentiment surrounding Ethereum. The Moving Average Convergence Divergence (MACD) indicator recently experienced a bearish crossover following nearly seven weeks of bullish momentum. Such a shift often foreshadows a potential price decline or an increase in price volatility.

The loss of bullish momentum has weakened Ethereum's price support. Without renewed buying interest, ETH might encounter additional downward pressure as traders reposition their holdings based on technical signals. Currently, Ethereum is trading close to $2,553, holding a crucial support level around $2,500. The leading altcoin has remained above this threshold for some time; however, its capacity to sustain this level is under scrutiny.

Should bearish forces persist, Ethereum could break beneath the $2,500 mark and descend toward the subsequent support at $2,344. Conversely, if buying demand resurfaces, ETH may stabilize within a range between $2,500 and the resistance level at $2,654 for a temporary period.

To alter the current short-term bearish outlook, Ethereum would need to surpass the resistance near $2,654. A sustained breakout beyond this point could propel the price upward toward $2,814, restoring investor optimism and fostering additional gains.

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