$ETH is showing signs of a bearish

$ETH continuation as it faces downward $ETH pressure. The recent analysis indicates that the short trade could be favored, especially if the price breaks below the $2,252.39 support. Large sales by key holders, alongside declining DeFi Total Value Locked (TVL), have been contributing to ETH's 24.9% drop in recent performance. Concerns over low on-chain activity and weak gas fees further push this narrative. Enter short trades below $2,252.39 with targets at $2,244.90 and $2,200. For a long trade, look for potential entries if ETH recovers above $2,299.83, with resistance at $2,354.75. However, ETH remains vulnerable to further corrections if these key levels fail to hold.

The market trends show that factors like large liquidations and sales by major players are affecting Ethereum's overall performance, alongside underperformance in the DeFi space.

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