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<p>Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, appears bearish and is poised for a price decline. The reasons for this include how ETH is lagging behind top assets like Bitcoin (BTC) and Solana (SOL), its current price action formation, the latest sell-offs by whales, and more.</p>  
<h2 class="wp-block-heading" id="h-ethereum-eth-sluggish-performance"><strong>Ethereum (ETH) Sluggish Performance</strong></h2>  
<p>With steady and dull performance compared to other assets, whales and investors have dumped significant amounts of ETH in recent days. Recently, <a href="https://coinpedia.org/news/dormant-whale-unloads-224-m-eth-is-a-crash-coming/" rel="noopener noreferrer nofollow">CoinPedia</a> reported that a dormant whale, holding 398,889 ETH worth $1.34 billion, offloaded 73,356 ETH valued at $224 million.</p>  
<p>This notable dump has created potential selling pressure on the asset and has resulted in a shift in user sentiment.</p>  
<h2 class="wp-block-heading" id="h-ethereum-technical-analysis-and-upcoming"><strong>Ethereum Technical Analysis and Upcoming</strong></h2>  
<p>According to expert technical analysis, ETH is currently exhibiting a bearish double-top price action pattern, accompanied by bearish divergence on both the daily and four-hour charts. Historically, when an asset forms these patterns, it often experiences a significant price decline.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/11/23044609/ETHUSDT_2024-11-23_04-45-58.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/23044609/ETHUSDT_2024-11-23_04-45-58-1024x449.png" alt="" class="wp-image-383925"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>Based on the current price action, if ETH closes a four-hour candle below the $3,250 level, there is a strong likelihood it could drop by 8%, reaching the $3,010 level in the coming days.</p>  
<p>Currently, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) suggests that the asset still has room for a price increase in the coming days.</p>  
<p>The bearish outlook for ETH will be invalidated if it breaches and closes a four-hour candle above the $3,400 level.</p>  
<h2 class="wp-block-heading" id="h-on-chain-metrics-signal-weak-sentiment"><strong>On-Chain Metrics Signal Weak Sentiment</strong></h2>  
<p>As of now, ETH’s on-chain metrics support its bearish outlook. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/ETH" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>, ETH’s Long/Short ratio stands at 0.90, reflecting strong bearish sentiment among traders.</p>  
<p>Additionally, its open interest has dropped by 5.4% in the past four hours and 1.75% over the past 24 hours. This decline in open interest suggests that traders are losing interest in ETH, leading to the liquidation of open positions.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>  
<p>Currently, ETH is trading near $3,315 and has registered a price decline of 2.1% in the past 24 hours. During the same period, its trading volume dropped by 29%, indicating lower participation from traders compared to the previous day.</p>

Ethereum Price at Risk? Bearish Chart Patterns Warning

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