Ethereum (ETH) has gained 11% this week, reclaiming levels above $2,470 and optimism among investors. However, rising selling pressure from short-term holders (STHs) is putting that momentum at risk, and potentially delaying the much-anticipated Ethereum Golden Cross—a bullish technical indicator that typically signals the start of a strong uptrend.
As Ethereum trades around $2,473, the market is closely watching whether ETH can maintain this level as support. A decisive move above $2,476 could act as a confirmation of bullish strength, possibly leading the asset toward the next resistance at $2,681. But if selling pressure continues, Ethereum may not sustain this recovery for long.
Short-Term Investors Cashing Out
Over the past 24 hours, Ethereum has seen a noticeable increase in active deposits across exchanges, reaching a five-month high. This surge in deposits suggests that short-term investors are looking to take profits following ETH’s recent rally. These holders, who typically move their assets more frequently, appear to be seizing the opportunity after ETH bounced back from recent lows near $2,100.
While STHs are showing signs of profit-taking, long-term holders (LTHs) remain calm. On-chain data from the Coin Days Destroyed (CDD) metric indicates no significant movement from older wallets. This shows that seasoned investors are still holding their positions and aren’t contributing to the sell-off, offering some support to ETH’s long-term outlook.
Still, the market’s short-term sentiment is being influenced by the current wave of selling, raising questions about Ethereum’s ability to sustain its rally and move into a confirmed bullish trend.
Ethereum Golden Cross: Still Within Reach?
One of the key developments investors are tracking is the potential Golden Cross formation on Ethereum’s chart. A Golden Cross occurs when the 50-day exponential moving average (EMA) crosses above the 200-day EMA—a historically bullish signal that suggests a shift from downtrend to uptrend.
Ethereum has been showing signs of recovering from a prolonged bearish phase marked by a Death Cross, which has persisted for over four months. The Death Cross happens when the 50-day EMA falls below the 200-day EMA, signaling bearish momentum.
If the Golden Cross materializes, it could validate Ethereum’s recent gains and provide technical confirmation of a market recovery. However, the ongoing selling from STHs could delay this crossover. Continued outflows toward exchanges and realized profits may interrupt ETH’s momentum, pushing the crossover further out.
This puts Ethereum in a precarious position—hovering just below the resistance at $2,476 while the threat of another wave of selling looms.
Key Price Levels to Watch
At the time of writing, Ethereum is trading around $2,473, just shy of the $2,476 resistance. Successfully flipping this level into support is critical for confirming ETH’s current bullish trend and giving traders more confidence in a continued rally.
On the upside, a break above $2,606 would bring the $2,681 level into play. Crossing that zone would not only invalidate the recent bearish outlook but also help ETH push toward higher targets in the coming weeks.
However, failure to hold $2,476 as support could trigger a downside move. Analysts warn that if STH selling continues, Ethereum could fall back to $2,344, and potentially even to $2,205—levels that would erase most of this week’s gains and dampen bullish momentum.
What’s Next for Ethereum?
Market watchers are now split. Some believe Ethereum still has the strength to continue its upward path, especially if long-term holders maintain their conviction and selling pressure fades. Others are more cautious, noting that without a clear break above resistance, ETH remains vulnerable to short-term corrections.
The macro backdrop also plays a role. Improving sentiment from recent geopolitical developments—such as a ceasefire agreement between Israel and Iran—has contributed to a more favorable environment for risk assets like crypto. If broader confidence continues to build, Ethereum could benefit from increased demand and investor participation.
However, for now, all eyes remain on the $2,476 level and the potential Ethereum Golden Cross. Whether ETH breaks higher or faces another rejection will shape its short-term outlook and set the tone heading into July.
Conclusion
Ethereum’s recent price rally has energized the market, but rising short-term selling pressure could delay a key bullish signal—the Golden Cross. As ETH attempts to flip $2,476 into support, traders must watch closely for signs of continued strength or an early reversal. A successful breakout could pave the way toward $2,681, while failure to hold support might trigger a deeper pullback.
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